Fintech developer platform TrueLayer is celebrating the confirmation of $3 million in Series A funding. The facilitator of simple access to bank APIs had recently emerged from a successful beta test. The funds are earmarked for staffing, increasing coverage of supported banks and API preparation for general availability.
Anthemis Group led the round and will see partner Yann Ranchere join TrueLayer’s board. Previous investor Connect Ventures and partner Pietro Bezza also participated.
TrueLayer lets developers access bank data they need in order to build new financial apps and services. It supports account verification, KYC processes and transactional data for account aggregation, credit scoring and risk assessment.
TrueLayer is preparing for PSD2 by building out its offering as an Account Information Service Provider and Payment Initiation Service Provider. Improved compliance-as-a-service features are also in development. Its availability is limited to the United Kingdom but an EU expansion is planned for 2018.
TrueLayer is the third company cofounded by Francesco Simoneschi and Luca Martinetti,who previously founded Staq and DomainsBot.
“The future of bank APIs isn’t yet straightforward,” Mr. Simoneschi explained. “TrueLayer was born with a mission to remove the barriers that exist between consumers and innovative financial products. PSD2 will provide a clear regulatory framework and enhanced consumer protection. But although it will help to create greater collaboration and innovation, there are still many technological challenges that the industry needs to solve.
“Frictionless user experience and security are paramount going forward.”
“We were the first to back Francesco and Luca and the accelerated progress achieved by the company is a confirmation of the need for TrueLayer’s product in the market and the strength and fit of the founding team,” Mr. Bezza said. “Banking services are long overdue a shakeup and the first step is empowering fintech applications to connect with banks through a superior developer experience. TrueLayer does this and much more.”