Fintech startup TrueLayer raises $25 million

London-based fintech startup TrueLayer has raised $25 million from investors including Temasek, Anthemis, Connect Ventures and Northzone, the company said on Monday.

The firm, which develops technology that enables financial technology companies to access account data from high street banks, said it will use the funding to continue to grow its business.

Founded in 2016, TrueLayer is one of several startups seeking to take advantage of European Union and UK open banking rules which require lenders to open up their data to other companies so they can tailor products to their customers.

“The company is growing,” said Francesco Simoneschi, TrueLayer’s chief executive and co-founder. “We wanted to continue to increase our headcount and invest in international expansion.”

TrueLayer says its platform makes it quicker and easier for developers to connect to bank systems and build software.

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Source: Fintech startup TrueLayer raises $25 million – Times of India