TrueLayer
TrueLayer provides a Pay by Bank network that enables businesses to accept and send payments directly from customer bank accounts, eliminating card networks and their associated fees. The platform serves 30+ million consumers across Europe and handles 47% of all Pay by Bank transactions, with more than $150 billion in annualized payment volume. TrueLayer offers instant settlements, biometric authentication through banking apps, and Variable Recurring Payments for flexible billing.
- Financial Technology
- Software Only
- Developer Tools
Funding
Raised to date
$349MRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
across 11 rounds
+19$27M · Series E
Announced Oct 2026
Disclosed cumulative: $348.8M
Founders
Product
Problem
Merchants are trapped by increasing card network fees, fraud costs, and a lack of choice in payment solutions. Traditional card-based payments involve multiple intermediaries, leading to higher transaction costs, chargeback risks, and friction-filled checkout experiences that hurt conversion rates. With card fraud projected to grow by an additional $10 billion by 2028, businesses face mounting pressure to find alternatives.
Solution
TrueLayer provides a Pay by Bank network that enables businesses to accept and send payments directly from customer bank accounts, eliminating the need for card details and the associated network fees. The platform offers instant bank payments, Variable Recurring Payments, and one-click checkout experiences authenticated through customers' banking apps with biometric security. TrueLayer's network of 30+ million consumers, with one million new users added monthly, drives higher conversion rates—existing network users convert at 20% higher rates and returning customers convert at over 90%. The company provides ready-made UIs, SDKs, and plugins for easy integration across e-commerce platforms and mobile apps, while its independent infrastructure and direct bank connections reduce costs and improve reliability by avoiding intermediaries.
Target Audience
Primary customers include e-commerce merchants, financial services providers, iGaming platforms, and crypto exchanges seeking to reduce payment costs, minimize fraud, and improve checkout conversion rates.
Features
- Instant bank payments and payouts via open banking APIs with real-time settlement versus 3-5 days for cards
- Variable Recurring Payments (VRP) enabling flexible, customer-controlled recurring billing with adjustable limits and instant cancellation
- Bank on File product for one-click top-ups and repeat payments with customer-set maximum amounts and collection dates, expanded beyond me-to-me payments following 2026 legislative changes
- Ready-made UIs for iOS, Android, React Native, and web browsers plus plugins for WooCommerce, Shopify, and Magento
- Network of 30+ million consumers with stored payment preferences enabling pre-filled checkout and 90%+ conversion for returning customers
- Biometric authentication through bank apps reducing fraud and eliminating chargebacks
- Verification tools for account verification and fraud prevention in seconds
- SOC and ISO27001 certified enterprise security infrastructure