TrueLayer has raised $130m (£95.2m) in its latest funding round led by Tiger Global Management.
The investment brings the total raised by TrueLayer, a banking platform which powers global payments, to $270m. Stripe, a global payments technology provider, also participated in the funding round.
Francesco Simoneschi, CEO and co-founder of TrueLayer, commented: “there is only so long that global business can rely on systems that are outdated, expensive and not fit for the digital age.
“TrueLayer is carving a new world of payments altogether, which can deliver a fundamentally faster, safer and more user friendly experience that also improves conversion and delivers higher revenues for merchants,” he continued. “There is an opportunity to rewire the financial system from the ground up and we are leading that evolution through open banking payments.”
The platform facilitates instant deposits and withdrawals as well as recurring payments. In 2021, TrueLayer has processed billions in user payments, experiencing 400 per cent growth in monthly payment volume and 800 per cent growth in monthly payment value as the company expanded across Europe and doubled its customer base.
Alex Cook, Partner, Tiger Global, said, “the shift to alternative payment methods is accelerating with the global growth of online commerce, and we believe TrueLayer will play a central role in making these payment methods more accessible.”
The funding round takes the valuation of TrueLayer to $1bn, a figure which competitor bank challenger 3S Money called “ridiculous.”
“The TrueLayer valuation is shocking,” said Ivan Zhiznevskiy, CEO at 3S Money. “We cannot continue to wilfully look the other way, dazzled by the frankly ridiculous investment figures and valuations we’ve seen in recent months.”