TrueLayer is a London based startup that has created a developer API program for fintechs and various nearby firms to use open banking.
It has recently agreed on a strategic and economic association with Visa.
The Partnership With Visa
The partnership views Visa to take a minority stake in TrueLayer as part of the company’s $35 million Series C funding declared in June.
The round was headed by Tencent and Temasek, with support from previous investors Northzone and Anthemis, as we now know that Visa was on-board too.
TrueLayer has allocated $47 million till date.
Francesco Simoneschi, the CEO and co-founder of TrueLayer, states that the Visa partnership will allow the fintech to work with a “huge network” of companies and banks to support them to improve open banking services that will “give substantial benefits” to consumers.
He further said that they want to scale open banking to a level where it manifestly affects every phase of financial services for consumers.
This will require significant, settled players to come on board and work with startups like them.
Visa has implied as one of the most flourishing ‘fintech’ companies ever created, and they have ultimately had a lot to learn from them.
Furthermore, Simoneschi tells the partnership is an important part of TrueLayer’s twin aims of becoming a global platform and developing the open banking market.
The fintech is already accessible for business in the U.K., Germany, France, Italy and Spain, and lately extended to Australia.
It operates with businesses such as Revolut, Zopa, ClearScore, Plum, Emma, CreditLadder, Canopy, and ANNA Money.
Visa’s SVP of Open Banking, Mark Nelsen, states that working with TrueLayer will allow Visa to explore further opportunities for its clients and the Visa network.
He mentioned that this partnership with TrueLayer is another example of how they are financing in companies that give next-generation services. This enables modification and assistance for clients and consumers alike.
Simoneschi further stresses that he doesn’t see the business as a “zero-sum game” and that there is a tremendous opportunity for scores of businesses to do well.
If they can collaborate to get added people to welcome open banking, everyone wins.
It is possibly this mentality that was a significant factor for Visa.
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