eBay joins Stripe and Tiger Global as TrueLayer investors.
eBay has made a “strategic investment” in UK open banking fintech TrueLayer, the UK fintech announced today.
eBay has made the investment through its VC arm, eBay Ventures, joining existing TrueLayer investors Stripe, Tiger Global, Tencent and Temasek. TrueLayer did not provide details about the size of the investment.
TrueLayer said: “For TrueLayer, it represents both a commercial and strategic leap forward – one that underscores how execution and innovation continue to set the company apart.” TrueLayer last publicly raised in 2024, raising a $50m round, in a funding round that lost it its unicorn status, according to reports.
Today’s investment was announced as TrueLayer announced an open banking payment partnership with eBay at online checkout, as an alternative to card payments. TrueLayer’s other merchant partners include Amazon and Ryanair.
Francesco Simoneschi, CEO and co-founder, TrueLayer, said: “By integrating directly into eBay’s checkout, we’re enabling instant, bank-authenticated payments at scale that allows merchants to benefit from a faster and more streamlined payment experience. This is another step towards a real-time payments ecosystem that aligns with modern consumer expectations.”
Avritti Khandurie Mittal, vice president of product for eBay services, said: “Pay by Bank represents an important step in diversifying our payment mix with a secure, real-time way for buyers to pay directly from their bank accounts.”
In the year ending 2024, TrueLayer’s revenues came in at £20.3m, compared to £12.4m in 2023. TrueLayer made a pre-tax loss of £38.6m in 2024, a reduction on the £55.6m loss it made in 2023.