TrueLayer Revenue, Valuation, Funding & Investors

TrueLayer is valued at $700M as of October 2024, a 25.9x multiple on its last reported $27M revenue.

Last TrueLayer valuation

$700M

Series E · Oct 2024

Last TrueLayer funding round

Undisclosed stage

Amount undisclosed · Feb 2026

TrueLayer revenue

$27M

Series E · Oct 2024

Key investors in TrueLayer

  • Northzone
  • Anthemis
  • Connect Ventures
  • Tencent
  • Temasek
  • Tiger Global

TrueLayer Overview

About TrueLayer

TrueLayer is a London-headquartered open banking platform enabling instant payments, user onboarding, and payouts via APIs in the UK, Italy, and France. It powers variable recurring payments for fintechs like Revolut and TradingView. Regulated by the FCA, TrueLayer processes transactions compliant with PSD2 across seven European countries.


Founded

2016

HQ

United KingdomLondon

Status

Privately held

Customer focus

B2B

Revenue model

Commission, Usage-based

Revenue

$27M (Oct 2024)

Valuation

$700M (Oct 2024)

TrueLayer Valuation

TrueLayer is currently valued at $700M, based on its Series E in October 2024.

The $50M round was led by Northzone, with participation from Temasek, Stripe, Tencent, Tiger Global and Mouro Capital.

TrueLayer's valuation has moved from $1B at its Series E in September 2021 to $700M in October 2024, across 2 priced rounds.

TrueLayer valuation by funding round

Revenue multiple
TrueLayer valuation by funding round
DateStageValuationRevenue Multiple
Oct 2024Series E$700M25.9x
Sep 2021Series E$1B37.0x

TrueLayer Revenue

TrueLayer's latest recorded revenue is $27M, as of its Series E in October 2024. At a $700M valuation, that implies a 25.9x revenue multiple.

Revenue moved from $27M in September 2021 to $27M in October 2024, while the revenue multiple moved from 37.0x to 25.9x.

TrueLayer revenue by funding round

TrueLayer revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2024$27M$700M25.9xSeries E
Sep 2021$27M$1B37.0xSeries E

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

TrueLayer Funding History

TrueLayer has raised a total of $322M across 9 funding rounds.

TrueLayer's first fundraising round was a $1M seed round in February 2017. The most recent completed round was a undisclosed-stage round in February 2026.

TrueLayer funding rounds

TrueLayer funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2026Undisclosed stageeBay Ventures (lead)--TrueLayer is a UK-based fintech company providing open banking technology for payments, including instant bank-authenticated account-to-account (A2A) payments. It enables developers to build financial applications that connect to bank data, verify accounts, and access real-time transactions for use cases like payments, lending, personal finance management, insurance, and marketplaces. Founded in 2016 by Francesco Simoneschi, TrueLayer powers solutions such as Pay by Bank. eBay Ventures made a strategic investment in TrueLayer around February 19, 2026, to support the launch of Pay by Bank in the UK on eBay's platform. This partnership integrates TrueLayer's open banking payments directly into eBay's checkout, offering merchants lower costs, immediate settlement, reduced fraud, and no chargebacks compared to card payments. eBay Ventures led the investment, signaling commitment to A2A payments as an alternative to expensive card networks. TrueLayer has raised a total of $321.8M across 8 funding rounds prior to 2026, with its latest prior round being a Series E - II for $50M on October 4, 2024. Earlier valuations include $1B in September 2021 and $700M in October 2024. The company has partnerships with entities like Stripe, bet365, and others in Europe.
Oct 2024Series ENorthzone (lead); Temasek; Stripe; Tencent; Tiger Global; Mouro Capital$50M$700MTrueLayer is Europe's leading open banking platform and pay-by-bank payments network, connecting banks, merchants, and consumers to enable faster, cheaper alternatives to card payments. It operates across 21 European countries, serving major clients like Revolut, Zopa, Coinbase, Robinhood, Stripe, and lastminute.com. In October 2024, TrueLayer raised $50 million in an extension to its Series E round, led by Northzone with participation from Tencent, Tiger Global, Temasek Holdings, and Stripe, bringing the total Series E to $180 million from the prior $130 million in 2021. The post-money valuation for this downround was $700 million, down from $1 billion in 2021, marking the loss of unicorn status. The funding supports expansion of pay-by-bank in e-commerce, challenging traditional card networks by reducing merchant costs and enhancing consumer value. TrueLayer processes over $50 billion in total payments volume annually, 150 million transactions, and exceeded 1 million variable recurring payment transactions per month, a global first. Revenue grew 200% in 2023 amid customer base expansion and deepened partnerships, with the company taking steps toward profitability including cost streamlining and headcount reduction. This investment reflects investor confidence in TrueLayer's market-leading infrastructure and momentum in pay-by-bank adoption, particularly as merchants seek cost-effective solutions.
Sep 2021Series ETiger Global (lead); Stripe; SquareOne Capital; Visionaries Club$130M$1BTrueLayer is a European open banking provider that offers developers APIs to access bank account information and instruct payments. The company serves fintech customers including Revolut and Freetrade. In September 2021, TrueLayer raised $130 million in its Series E funding round led by Tiger Global with participation from Stripe and other investors, achieving a post-money valuation of $1,000 million ($1 billion). This round positioned the company as a unicorn in the open banking space. The company's 2021 revenue was reported at $3.52 million.
Apr 2021Series DAddition (lead)$70M-TrueLayer is a London-based open banking platform founded in 2016 that provides APIs for payments, payouts, user account information, and verification, serving neobanks, crypto startups, e-commerce, and gaming platforms across Europe. The company raised $70 million in its Series D round in April 2021 led by Addition, bringing total funding at the time to $142 million, with the goal of expanding its customer base and strengthening payments infrastructure. This followed a Series C extension of $25 million in September 2020. Subsequent to the Series D, TrueLayer raised $130 million in its Series E round in September 2021 led by Tiger Global Management with participation from Stripe, achieving a valuation over $1 billion and unicorn status. The round aimed to scale pay-by-bank adoption, extend its payments network to more regions and banks, and grow its customer base, which had doubled that year while processing billions in payments with 400% payment volume growth and 800% payment growth. No sources provide a specific post-money valuation for the 2021 Series D round, revenue, ARR, or EBITDA figures near April 2021. Later references note a 2021 peak valuation of $1 billion tied to Series E, with recent 2024 extensions valuing the company at around $700-750 million. TrueLayer processes significant transaction volumes, such as $40-50 billion annually and over 120-150 million transactions, with 20 million users by recent milestones, but these are not revenue metrics.
Sep 2020Series CTemasek; Anthemis; Tencent; Northzone; Connect Ventures$25M-TrueLayer, a fintech infrastructure firm providing open banking payment initiation services (PIS), announced an additional $25 million in its Series C funding round on September 22, 2020, from existing investors Anthemis, Connect Ventures, Northzone, and Temasek Holdings. This extension followed a prior $35 million Series C tranche led by Tencent Holdings, bringing total funding raised to $72 million. The capital supported expansion beyond the UK into France, Spain, and Italy, with new partnership deals, scaling of commercial, design, and engineering teams, and investment in its platform including an automated data analysis tool. In June 2020, TrueLayer joined the UK government's Payment Acceptance Framework, enabling PIS for public sector firms. TrueLayer's open banking payments API saw explosive growth during the March-July 2020 lockdown period across Europe, with usage rising 832%, and average transaction value doubling from £130 to £313 year-over-year, indicating rising consumer trust. Payments became a key use case, comprising significant portions for partners like Nutmeg, where open banking transfers grew to a quarter of all payments by 2020. The firm positioned itself as a driver of financial innovation beyond traditional services, leveraging open banking for contextual product introductions as seen with Revolut.
Jun 2019Series CTemasek (lead); Tencent (lead); Anthemis; Mouro Capital; Northzone$35M--
Jul 2018Series BNorthzone (lead); Anthemis; Connect Ventures$8M-TrueLayer is a London-based fintech startup founded in 2016 by Francesco Simoneschi and Luca Martinetti, developing an API platform for open banking to connect financial apps to bank data, verify accounts, and access real-time transactions. The company raised a 7.5 million dollar round in July 2018 led by Northzone, with participation from Connect Ventures and Anthemis. This followed a one million dollar seed round in February 2017 from Connect Ventures and a three million dollar round in June/July 2017 from Anthemis. Northzone highlighted TrueLayer's leading position in the UK, partnerships with banks like Monzo and Starling covering 98% of the UK population, and its role as a regulated trust layer for data sharing and payments under PSD2. TrueLayer planned to use the 7.5 million dollar investment to expand across Europe starting with Germany and France, grow its team, and develop new products for Open Banking and PSD2 compliance. The funding supported building infrastructure for companies and consumers to transact securely with online retailers, lenders, and others. Founders brought prior exits from DomainsBot and staq, with expertise from Plaid and Stripe.
Jun 2017Series AAnthemis (lead); Connect Ventures$3M-TrueLayer raised $3 million in a Series A funding round on June 21, 2017, led by Anthemis Group with participation from existing investor Connect Ventures. The London-based fintech startup provides a developer platform offering easy access to bank APIs for services like account verification, KYC processes, transactional data access, account aggregation, credit scoring, and risk assessment. The funding supports team expansion and increasing coverage of supported banks ahead of general availability later that year. Launched in private beta in February 2017, TrueLayer had attracted hundreds of developers from UK fintech companies by the time of the Series A. The platform targets PSD2 opportunities, aiming to enable startups to displace incumbent banks through simple, secure APIs for bank infrastructure access. Plans included expansion to other EU countries in 2018 and adding payment initiation capabilities. TrueLayer positions itself as a regulatory and technical gateway for fintechs, potentially offering an 'umbrella license' once PSD2 licenses are obtained. The company follows a $1.3 million seed round in February 2017 led by Connect Ventures to build initial open banking API infrastructure.
Feb 2017SeedConnect Ventures (lead); Filippo Privitera; Tony Jamous; Moffu Labs; Graph Ventures; Federico Pomi; Antonio Tomarchio; Simone Brunozzi; Eric Nadalin$1M--

Who has invested in TrueLayer?

20 investors have backed TrueLayer across its funding rounds, including Northzone, Anthemis, Connect Ventures, Tencent, Temasek and Tiger Global.

Lead investors include eBay Ventures, Northzone, Tiger Global, Addition, Temasek and 3 other investors.


TrueLayer Investors

Investors in TrueLayer by funding rounds participated
InvestorHQRoundsRoleFirst check
AnthemisUnited KingdomLondon4LeadJun 2017
NorthzoneUnited KingdomLondon4LeadJul 2018
Connect VenturesUnited KingdomLondon4LeadFeb 2017
TemasekSingaporeSingapore3LeadJun 2019
TencentChinaShenzhen3LeadJun 2019
StripeUnited StatesSan Francisco, CA2ParticipantSep 2021
Tiger GlobalUnited StatesNew York City, NY2LeadSep 2021
Mouro CapitalUnited KingdomLondon2ParticipantJun 2019
Filippo PriviteraItalyMilan1ParticipantFeb 2017
Tony JamousUnited KingdomLondon1ParticipantFeb 2017
SquareOne CapitalUnited StatesMiami, FL1ParticipantSep 2021
Moffu LabsItalyMilan1ParticipantFeb 2017
Graph VenturesUnited StatesSan Francisco, CA1ParticipantFeb 2017

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Acquisitions by TrueLayer

TrueLayer has acquired 2 companies to date.

Last acquisition by TrueLayer was on May 28th 2026. TrueLayer acquired in3 for undisclosed valuation.


Latest Acquisitions by TrueLayer

in3
Zimpler
Description
in3 is an Eindhoven-headquartered fintech offering buy now, pay later services across the Netherlands and Belgium. Consumers split purchases into three interest-free installments via a soft credit check that avoids debt traps. Rebranded from Capayable in 2021 after origins in 2013, it processes payments for 5,000+ webshops including bol.com, assuming merchant risk on successful transactions.
Zimpler is a Stockholm-based payment platform enabling pay-by-bank for online merchants across 25 European markets. Founded in 2012, the company connects businesses to 350 million bank accounts via open banking APIs. Zimpler processes instant transfers and subscriptions for e-commerce, gaming, and subscription services in Sweden, Germany, and the Netherlands.
HQ CountryNetherlandsSweden
HQ City
Eindhoven
Stockholm
Deal Date28 May 202621 Oct 2025
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by TrueLayer

TrueLayer has invested in 1 company to date.

Latest investment by TrueLayer was on February 14th 2022. TrueLayer invested in Stitch in their $21M Series A round.


Latest Investments by TrueLayer

Stitch
Description
Stitch is a Cape Town-headquartered fintech that equips businesses with payment infrastructure to integrate into Africa's financial ecosystem. Launched in February 2021, the company operates as a licensed payments service provider across South Africa and beyond, supporting card payments, instant EFT, SnapScan, and Mobicred for seamless pay-ins. Its platform also facilitates payouts to over 50 banks and handles financial management tools like virtual accounts. Stitch serves e-commerce merchants, subscription services, and gig platforms with fraud prevention and reconciliation features, backed by a remote workforce spanning multiple continents.
HQ CountrySouth Africa
HQ City
Cape Town
Deal Date14 Feb 2022
RoundSeries A
Raised$21M
InvestorsVillage Global; Two Culture Capital; CRE Venture Capital; Zinal Growth; Everywhere Ventures; Firstminute Capital; The Spruce House Partnership; The Fintech Fund; Mischief; Raba Partnership
Valuationundisclosed
EV/Revenue
EV/EBITDA

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TrueLayer Competitors

TrueLayer competitors include listed companies like Worldline, Fawry, Paysafe and StoneCo, and private ones like Zeller and MatchMove Pay.

Public and private companies comparable to TrueLayer
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ZellerAustraliaMelbournePrivate$68M-$727M10.7x
MatchMove PaySingaporeSingaporePrivate$8M-$600M75.0x
WorldlineFranceFrancePublicly listed$4.6B($5.2B)$887M0.7x
FawryEgyptEgyptPublicly listed$166M$73M$1.2B5.2x
PaysafeUnited StatesUnited StatesPublicly listed$1.7B$341M$327M1.5x
StoneCoBrazilBrazilPublicly listed$2.6B$965M$2.2B1.2x

TrueLayer Public Comps

TrueLayer is still privately-owned, but its public comps include PaySign, Digital Garage, Sunyard Technology, SLR Digital Finance, Seshaasai, SZZT Electronics Co, LINE Pay Taiwan, AvenuesAI, AMTD Digital and Worldline.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
PaySign$82M$16M8.3x6.4x43.3x20.7x
Digital Garage$263M$51M1.9x1.9x10.0x10.3x
Sunyard Technology$307M$10M2.2x-69.2x-
SLR Digital Finance$224M$219M6.2x6.9x6.4x-
Seshaasai$150M$41M3.9x3.7x14.4x14.2x
SZZT Electronics Co$148M($7M)6.9x4.5x(143.3x)-
LINE Pay Taiwan$247M$24M----
AvenuesAI$846M$39M0.6x-13.4x-

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Common questions about TrueLayer

When was TrueLayer founded?TrueLayer was founded in 2016.
Where is TrueLayer headquartered?TrueLayer is headquartered in London, United Kingdom.
Is TrueLayer publicly listed?No, TrueLayer is a private, VC-backed company.
What is TrueLayer's valuation?TrueLayer was last valued at $700M in its Series E in October 2024.
How much funding has TrueLayer raised?TrueLayer has raised $322M across 9 funding rounds.
What was TrueLayer's last funding round?TrueLayer's last funding round was a undisclosed-stage round in February 2026, led by eBay Ventures.
Who are TrueLayer's investors?TrueLayer's investors include Anthemis, Northzone, Connect Ventures, Temasek, Tencent, Stripe, Tiger Global, Mouro Capital, Filippo Privitera, Tony Jamous and 10 others.
What is TrueLayer's revenue?TrueLayer's latest recorded revenue is $27M (October 2024).
What is TrueLayer's revenue multiple?TrueLayer's latest valuation implies a 25.9x revenue multiple ($700M valuation on $27M of revenue).
Which companies are comparable to TrueLayer?Companies comparable to TrueLayer include Zeller, MatchMove Pay, Worldline, Fawry, Paysafe and StoneCo.
How many companies has TrueLayer acquired?TrueLayer has acquired 2 companies, including in3 and Zimpler.
How many companies has TrueLayer invested in?TrueLayer has invested in 1 company, including Stitch.
What was TrueLayer's last investment?In February 2022, TrueLayer invested in Stitch's $21M Series A alongside Village Global, Two Culture Capital, CRE Venture Capital and 7 other investors.

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