TrueLayer captures $27M investment, as targets Italy expansion

What happened

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.