TrueLayer provides an open banking API that enables instant bank payments and variable recurring payments, allowing businesses to accept and send payments directly from customer bank accounts without the need for card details. This technology reduces transaction costs and fraud risk while enhancing the payment experience for users across various applications, including eCommerce and financial services.
Funding
$322M raised to dateRaised 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.
Founders
Product
Problem
Traditional payment methods often involve intermediaries, leading to higher transaction costs and increased risk of fraud for businesses. Relying on card details can also create friction in the payment process, negatively impacting the user experience.
Solution
TrueLayer offers an open banking API that facilitates instant bank payments and variable recurring payments, enabling businesses to directly accept and send payments from customer bank accounts. This eliminates the need for card details, reducing transaction costs and fraud risk while streamlining the payment experience. The platform provides ready-made UIs for mobile apps and browsers, along with plugins and libraries for easy integration with e-commerce platforms like WooCommerce, Shopify, and Magento. A console is also available to help kickstart product integration.
Target Audience
The primary target audience includes e-commerce businesses, iGaming platforms, financial service providers, and crypto exchanges seeking to reduce payment costs, minimize fraud, and improve the user experience.
Features
- Instant bank payments and payouts via open banking APIs
- Variable recurring payments for automated billing
- Ready-made UIs for iOS, Android, React Native, and web browsers
- Plugins and libraries for WooCommerce, Shopify, Magento, Java, PHP, C#, and Javascript/Node
- Developer console for easy product integration and testing
- Secure authentication using bank apps
- Fiat on-ramp & off-ramp experiences for crypto