London-based open banking startup TrueLayer has raised $ 130 million in a financing round led by Tiger Global and Stripe.
- The increase valued TrueLayers at more than $ 1 billion, giving it “unicorn” status.
- Open Banking, for which TrueLayer provides an infrastructure, enables customers to interact more seamlessly with companies via bank-to-bank payments without the need for debit and credit cards for purchases and platform registrations.
- “People endlessly type in the 16 digits of their debit cards, trust unknown websites to save their card details, switch to credit cards for larger purchases and get caught in clumsy authentication loops,” CEO Francesco Simoneschi called in a statement on Monday.
- Removing this requirement has the potential to negate some of the onboarding frictions for crypto companies. TrueLayer aims to enable instant deposits and withdrawals through a single one integration between the user’s bank account and the crypto platform.
- TrueLayer counts companies such as the digital banking service Revolut and the crypto payment app MoonPay among its customers and saw a growth in monthly volume of 400% and monthly value of 800% in 2021.
Continue reading: MoonPay takes a “substantial” stake in the crypto banking provider BCB Group