startup platformto promote open banking, has now signed a new deal with Visa, raising $35 million in funding.
Also, major financiers are Tencent and Temasek, bringing Visa's total to $47 million to date.
Francesco Simoneschi, CEO and co-founder of TrueLayer, emphasizes that due to the new partnership with VISA, the Fintech will now have the opportunity to collaborate with a vast network of businesses and banks regarding open banking.
He goes on to say that they want to scale open banking to a level where it impacts every aspect of financial services for consumers. This requires large and established players to partner with startups like them. Visa has been one of the most successful fintech companies ever created.
Simoneschi also says the partnership is a key part of TrueLayer’s goal to become a global platform and grow open banking. The fintech is already open to businesses in the UK, Germany, France, Italy and Spain, and recently expanded to Australia. It works with companies like Revolut, Zopa, ClearScore, Plum, Emma, CreditLadder, Canopy and ANNA Money.
Mark Nelsen, who is Visa's SVP, says that the partnership with TrueLayer will allow Visa to explore new opportunities for its customers and for the network.
Simoneschi highlights that they are now responsible for around 65% of open banking in the UK. This has given them the broad reach to launch across Europe and now into Australia. Throughout this process, we have developed a reputation for working with businesses of all sizes, from banks to start-ups.
Finally, he adds that if they can work together to attract more people and embrace web banking, then they are open to any collaboration.
