TrueLayer expands in Europe with new Dublin HQ

26 Aug 2021

Image: © Leonid Andronov/Stock.adobe.com

The new HQ will be led by former WhatsApp and Facebook executives Joe Morley and Leigh-Ann Cotter.

Open banking platform TrueLayer is opening a Dublin HQ as part of its European expansion following authorisation by the Central Bank of Ireland (CBI).

The new HQ will create jobs in Dublin and will be led by former WhatsApp and Facebook executives Joe Morley and Leigh-Ann Cotter.

Founded in 2016 in London, TrueLayer is an open banking network used to securely access financial data and enable instant payments. It raised $70m earlier this year to help expand its network in Europe and beyond.

According to the company, TrueLayer accounts for more than half of all open banking traffic in the UK, Ireland and Spain, processing billions of euros in payments.

Morley, who is CEO for TrueLayer Ireland and general manager of Europe, told Siliconrepublic.com that the initial plan is to hire a team of 25 in Dublin with roles across the areas of risk, compliance, legal, finance and commercial.

“In the future we may also consider product and engineering roles to complement these existing teams within TrueLayer that are based in London and Milan,” he said.

Ireland’s fintech reputation

The fintech company chose Ireland as its next step for European expansion due to Dublin’s position as a global centre for financial services and its strength as an innovative fintech ecosystem.

According to a KPMG pulse report earlier this year, Irish fintechs secured nearly $400m in M&A, venture capital and private equity transactions in 2020.

Morley said Ireland has become the EU’s “fintech centre of choice” with many fintech bases established here, including crypto exchange Coinbase, challenger bank Revolut and fintech powerhouse Stripe.

“We are excited to be joining them, making Dublin our home from which to accelerate our European expansion and deliver our market-leading open banking services to banks, fintech firms and e-commerce platforms across the continent,” he said.

“The future is incredibly exciting with open banking payments replacing cards as the primary payment method at the checkout for e-commerce firms of every shape and size.”

TrueLayer’s CEO and co-founder, Francesco Simoneschi, added that a strong regulator in an established global financial services centre was key to its new location.

“Ireland was ideal, with the CBI’s regulatory regime broadly similar to the UK and Dublin being a thriving centre for payments and e-commerce,” he said.

“The city has built an incredible reputation for financial services and offers the talent across engineering, product and payments that we will need to support our ambitious growth plans.”

Jenny Darmody is the deputy editor of Silicon Republic

editorial@siliconrepublic.com