TrueLayer raises $27 million led by CDP Venture Capital to expand in Italy. The open banking payments company plans to strengthen its Milan engineering hub and continue hiring in Italy through 2027. Prefer on Google Discover more Cybersecurity tools Space tech insights Health Tech Software TrueLayer, a UK-based payments fintech, has raised $27 million in a funding round led by CDP Venture Capital, an Italian state-backed investment firm, to expand its operations in Italy. The round includes a consortium of new and existing investors. TrueLayer, which was founded in London in 2016, has raised approximately $350 million in total, according to the company. The funding will support the company's Italian operations, including its engineering hub in Milan. TrueLayer said it expects to continue hiring in Italy through 2027. Expanding account-to-account payments. TrueLayer provides payment infrastructure that uses open banking technology to enable account-to-account payments, commonly known as pay by bank. Tech news subscription The technology allows consumers to make online payments directly from their bank accounts, providing an alternative to card-based payment networks operated by companies such as Visa and Mastercard. TrueLayer aims to provide payment infrastructure for businesses operating across European markets. The company said its network operates in 22 countries. Italy as an engineering hub. TrueLayer was founded by Italian entrepreneurs Francesco Simoneschi and Luca Martinetti, who established the company in London in 2016. The company said approximately 70 employees, representing around a quarter of its workforce, are based in Italy. Milan is one of its main engineering hubs. The latest investment will support further development of the company's presence in the country, including continued recruitment and engineering activities. Discover more Tech news subscription Gadget reviews Robotics solutions TrueLayer is backed by investors including Stripe and Tiger Global and has positioned its technology as an alternative to traditional card-based online payment systems. Tech news subscription Investors back European payment infrastructure. TrueLayer CEO and co-founder Francesco Simoneschi said the investment from an Italian institution had particular relevance given the company's origins and its engineering presence in Milan. "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." Mario Branciforti, head of CDP Venture Capital's Large Venture fund, said the investment aligns with the firm's focus on developing European payment infrastructure and supporting Italian technology talent. "Europe needs payment infrastructure it owns and controls, and we are investing across the continent to help build it. TrueLayer is a clear example of what that looks like in practice, with a network already operating at scale in 22 countries." Branciforti added that the investment would support the development of engineering capabilities in Milan. Continued investment in Italy. The $27 million round will help TrueLayer expand its Italian operations as it continues developing its account-to-account payment network across Europe. The company's plans include further recruitment in Italy through 2027, with Milan remaining a core location for engineering and technology development. Tech news subscription

TrueLayer raises $27 million to expand pay-by-bank. * UK-based open banking platform TrueLayer raised $27 million in a funding round led by CDP Venture Capital, bringing its total funding to $348.8 million. * TrueLayer is expanding beyond one-time pay-by-bank payments with recurring payment capabilities and its acquisition of BNPL provider in3, positioning itself to compete more directly with traditional card networks. * The investment reflects Europe's push for greater financial sovereignty, supporting the development of European-owned payment infrastructure as pay-by-bank adoption grows across the region. UK open banking platform TrueLayer has brought in $27 million in a funding round this week led by Italy-based CDP Venture Capital with additional contributions from existing and new investors. The investment adds to the $321.8 million already raised and brings TrueLayer's total raised to $348.8 million. "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," said TrueLayer Co-Founder and CEO Francesco Simoneschi. Founded in 2016, TrueLayer powers $150 billion each year in online pay-by-bank payments for more than 30 million consumers in 22 countries. The company provides the connectivity and commercial payment experience that make payment rails accessible to businesses. By cutting out the middlemen involved in the payments stack, TrueLayer's pay-by-bank tools help merchants lower payment costs by up to 40%, increase average order value by 20%, and reduce fraud by eliminating the need for payment cards. Among TrueLayer's competitors are Trustly, Visa-owned Tink, and Volt. Earlier this year, TrueLayer announced support for recurring payments and acquired Dutch buy now, pay later (BNPL) provider in3. The move adds a financing component to an offering historically focused on immediate bank payments. These two developments show that TrueLayer is seeking to compete beyond the pay-by-bank space. The company is slowly shifting its focus to compete with card payments at ecommerce checkout, replace card-on-file for subscriptions and repeat purchases, support merchant refunds and instant disbursements, and offer purchase financing without depending on traditional card rails. While pay-by-bank has seen limited growth in the US, its usage is growing in Europe. In July of this year, the UK's open banking ecosystem reached two major milestones, reaching more than one billion open banking payments and 100 billion API calls recorded across the CMA9 banks since the launch of open banking started more than eight years ago. As European policymakers and investors increasingly emphasize financial sovereignty, TrueLayer offers an opportunity to build an alternative to payment infrastructure dominated by US-based companies such as Visa and Mastercard. CDP Venture Capital's investment underscores that ambition, positioning pay-by-bank as both a lower-cost payment option and a strategic component of Europe's financial infrastructure. "Europe needs payment infrastructure it owns and controls, and we are investing across the continent to help build it," said Mario Branciforti of CDP Venture Capital. "TrueLayer is a clear example of what that looks like in practice, with a network already operating at scale in 22 countries.