London-based TrueLayer has just received a major vote of confidence for its open banking API platform.
Giant financial service provider Visa has announced that it has signed a strategic and commercial partnership with TrueLayer. This new deal will also see Visa take a minority stake in the enterprise’s $35m Series C round, according to TechCrunch.
The round was announced in June and is led by Chinese multinational conglomerate Tencnet and Singaporean holding company Temasek.
Speaking with TechCrunch, TrueLayer CEO and co-founder said that the Visa will empower the FinTech startup to collaborate with bigger businesses and banks and supporting those enterprises in their development of banking services and applications.
On Visa’s part, the partnership is expected to enable the financial services company to explore new opportunities. “Our partnership with TrueLayer is another example of how we’re investing in companies that offer next generation services, enabling innovation and convenience for clients and consumers alike,” Mark Nelsen, senior vice-president of open banking at Visa, told TechCrunch.
TrueLayer’s Series C round comes after the company raised 47.5m in 2018 to expand across Europe.
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