The funding round was led by Italy's CDP Venture Capital, along with a consortium of new and exising investors.
TrueLayer, a UK payments fintech looking to disrupt the dominance of card payments, has captured a $27m investment round, led by an Italian state-backed investor, a first-time investor, as it looks to bolster its presence in Italy, it said today. Backed by Stripe and Tiger Global, TrueLayer leverages open banking technology to allow customers to make online transactions.
These payments are called account-to-account payments or pay by bank and are an alternative to going through card giant intermediaries Visa and MasterCard.
TrueLayer was founded by two Italians, Francesco Simoneschi and Luca Martinetti, in London in 2016, with the aim of building a modern payment network for Europe.
The funding round was led by Italy’s CDP Venture Capital, along with a consortium of new and existing investors.
Truelayer, which has raised around $350m in total, says it now employs around a quarter of its workforce, around 70, in Italy, with Milan being one of its core engineering hubs. The funds will be used to help further build its presence in Italy.
The company expects to continue hiring there through 2027.
Simoneschi, co-founder and CEO of TrueLayer, said: “We started TrueLayer with a simple belief: Europe deserves payment infrastructure built in Europe. Having Italy back that belief means a great deal to us personally, especially to our talented team in Milan, who work hard every day to build the future of European payments.”