TrueLayer extends Series E by $50m amid rising tax losses
TrueLayer, a UK-based open banking payments network, has raised $50 million in an extension of its $130m Series E funding round completed in 2021.
TrueLayer bags $50 million Series E extension
The round was spearheaded by venture capital firm Northzone with participation from existing backers Stripe, Temasek, Tencent and Tiger Global.
Founded in 2016, TrueLayer describes the raise as following a period of “significant strides” with a 200% increase in revenue in 2023.
However, the network also previously recorded a 37.97% increase in tax losses the same year, reaching £55.6 million, up from £40.3 million the previous year, according to Companies House filings.
Francesco Simoneschi, TrueLayer’s co-founder and CEO, states the fintech has “built a payment network that is used by millions of people every day at the same time as maturing our business model and building trusted partnerships with some of the largest merchants in the world”.
The network boasts of processing over $50 billion in total payment volume and 150 million transactions annually. It recently exceeded one million variable recurring payment transactions per month, claiming to be the first company worldwide to achieve this milestone.
Speaking on the recent financing, Simoneschi said that the investment “enables us to continue to challenge the status quo in payments and grow our presence in areas like e-commerce”.
