The British start-up plans to use the funds to expand after it announced the opening of a European HQ in Dublin last month.
TrueLayer has raised $130m in a funding round that saw participation from Stripe and gives the fintech start-up a post-money valuation of over $1bn.
The British company develops APIs to securely connect fintech platforms directly to banks. It has received authorisation from the Central Bank to operate in Ireland, and last month the company announced the opening of a European HQ in Dublin, to be staffed with a team of 25.
The funding round was led by Tiger Global Management, and comes after TrueLayer’s $70m Series D round in April of this year. The company has now raised about $272m in total.
Alex Cook, partner at Tiger Global Management, commented: “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.
“We’re excited to partner with Francesco, Luca and the TrueLayer team as they help customers increase conversion and continue to grow the network.”
Stripe, which last week announced its intention to grow its Dublin presence significantly, was already an investor in TrueLayer. The Irish-founded payments giant has invested numerous up-and-coming fintech ventures across the US and Europe, such as a renewed interest in Ramp in late August.
Speaking to The Irish Times, TrueLayer Ireland CEO and general manager for Europe Joe Morley said: “The fundraise allows us to commit even further to our markets in Europe … and allows us to start thinking about broader expansion.
“But our focus in the short to medium term is to make sure we win in Europe so we’re really doubling down on what we had already initiated with our last funding round.”
Morley formerly worked as an executive at Facebook and WhatsApp, and is joined by fellow Facebook alum Leigh-Anne Cotter as TrueLayer Ireland COO.
TrueLayer says that, during 2021, it has so far seen a 400pc increase in volume of payments and 800pc increase in total payment valuation through its APIs. It also claims to have millions of customers and more than 10,000 developers using its systems.
The company plans to use the fresh funding to expand into new markets and to increase the penetration of open banking services in regions in which it already operates.