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UK-based open banking payments provider TrueLayer has raised $27 mn in a funding round led by Italian investor CDP Venture Capital, with participation from existing and new investors.
The transaction increases TrueLayer’s cumulative funding from $321.8 mn to $348.8 mn. The company did not disclose its latest valuation or the individual contributions of participating investors.
- TrueLayer secured $27 mn in a funding round led by Italy’s CDP Venture Capital, increasing its total funding to $348.8 mn.
- The fintech processes approximately $150 bn in annual pay-by-bank transactions for more than 30 mn consumers across 22 countries, serving merchants including Ryanair and Just Eat.
- TrueLayer is expanding into recurring payments and consumer financing following its acquisition of Dutch BNPL provider in3, positioning its platform as an alternative to traditional card networks.
Founded in London in 2016 by Italian entrepreneurs Francesco Simoneschi and Luca Martinetti, TrueLayer develops payment infrastructure that allows businesses to accept payments directly from customers’ bank accounts without relying on traditional card networks.
The company operates across 22 countries, processes approximately $150 bn in annual pay-by-bank transactions and serves more than 30 mn consumers. Its merchant customers include Ryanair and Just Eat.
The investment comes as European financial institutions and policymakers seek to strengthen the region’s control over payment infrastructure, which remains heavily dependent on US-based card networks including Visa and Mastercard.
TrueLayer expands European pay-by-bank network
TrueLayer’s platform connects merchants and consumers through open banking infrastructure, enabling direct account-to-account payments without conventional card processing.
The company says its technology can reduce merchants’ payment costs by up to 40% and increase average order values by 20%. Removing the need to enter or transmit payment card credentials also helps reduce certain types of payment fraud.
Its competitors include Trustly, Visa-owned Tink and Volt, which also provide open banking connectivity and account-to-account payment services.
TrueLayer has expanded beyond one-time bank payments. Earlier in 2026, it introduced support for recurring payments and acquired Dutch buy now, pay later (BNPL) provider in3.
The acquisition adds consumer financing capabilities to a business previously focused on immediate bank payments.
The company’s broader product strategy includes replacing card-on-file arrangements for subscriptions and repeat purchases, supporting merchant refunds and instant disbursements, and offering purchase financing without traditional card rails.
These services would allow TrueLayer to compete for a larger share of online payment transactions, including recurring billing and ecommerce checkout.
European open banking adoption continues to grow
Open banking payments have gained greater traction in Europe than in the US, supported by established banking connectivity and regulatory frameworks.
In July 2026, the UK open banking ecosystem passed two significant milestones.
Cumulative open banking payments exceeded 1 bn, while the nine largest UK banks covered by the Competition and Markets Authority’s open banking requirements, known as the CMA9, recorded more than 100 bn API calls since the initiative began more than eight years earlier.
API connectivity allows authorized third-party providers to access banking services and initiate payments with customer consent.
The expansion of this infrastructure has supported payment companies seeking to reduce merchants’ dependence on card networks.
TrueLayer’s approach uses existing European banking infrastructure to provide a direct payment option for businesses and consumers.
Its investors see the network as part of efforts to develop European-controlled financial technology infrastructure.
CDP Venture Capital backs European payment independence
CDP Venture Capital’s investment reflects Italy’s interest in supporting European payment technology and domestic engineering expertise.
TrueLayer employs 70 people in Italy, representing approximately one-quarter of its workforce. Milan is one of the company’s principal engineering centers, developing payment products used across its European network.
TrueLayer plans to continue hiring in Italy through 2027.
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.
Francesco Simoneschi, co-founder and CEO of TrueLayer
Mario Branciforti, head of the Large Venture fund at CDP Venture Capital, said the investment supports the development of European-owned payment infrastructure and the expansion of Italy’s financial technology capabilities.
“Europe needs payment infrastructure it owns and controls, and we are investing across the continent to help build it,” Branciforti said.
“TrueLayer is a clear example of what that looks like in practice, with a network already operating at scale in 22 countries.”
Branciforti also identified TrueLayer’s Milan engineering operations as an important part of the investment, emphasizing the role of Italian technology specialists in developing payment systems used internationally.
The $27 mn financing will support a company that has already extended its offering into recurring transactions and consumer credit through the in3 acquisition.
TrueLayer’s existing network processes $150 bn annually, providing an established distribution base for additional payment products as it competes with open banking providers and traditional card networks.
