TrueLayer, HeyTrade team to expand digital retail investing in Spain

UK open banking platform TrueLayer has partnered with Spanish FinTech HeyTrade to launch a new digital trading app in Spain.

According to TrueLayer, HeyTrade’s new trading app will be run using its Payments API to help deliver instant and secure account funding for Spanish customers.

Founded in 2016, TrueLayer provides a platform to build financial applications which connect to bank data, verify accounts, and access transactions in real-time. HeyTrade is a new investment platform aiming to provide investors access to global markets through an app. Investors with HeyTrade can trade over 700 US, European, and UK stocks and exchange traded funds, with additional markets and securities coming soon.

TrueLayer claims that by using their platform, HeyTrade customers will be able to easily connect their primary bank account to the trading app for instant and secure funding using the former’s Payments Initiation service.

TrueLayer also cited research by YouGov and itself that revealed payments directly influenced Spanish investor satisfaction. It also found that 82% of Spanish investors agreed that instant transactions would lead them to trust an investment services provider more, while 88% of Spanish investors said they were comfortable using instant, direct bank transfers.

TrueLayer CEO and co-founder Francesco Simoneschi said, “As an increasing number of Spanish retail customers look for ways to invest, they have high expectations for how these platforms should work. Providers that don’t offer instant deposits are missing out on an opportunity to develop a deeper and more positive relationship with their customers.

“That is why we’re proud to be working with HeyTrade to bring a new investor experience to Spanish market, supporting its customers by offering faster, more secure transfers. This also marks another milestone for us as we continue to expand in Europe and we look forward to supporting HeyTrade on its growth journey.”

HeyTrade CEO and co-founder Ramiro Martinez-Pardo added, “HeyTrade aims to facilitate investment through technology and there is no one better than TrueLayer to help us achieve this goal. Thanks to this alliance, HeyTrade will be able to offer investors all the facilities of real open banking. Our users will be able to open an account in under five minutes and start trading right away.”

TrueLayer recently closed its Series D investment round on $70m. The company claims it intends to use the funding to fuel global expansion as well as accelerating the development of its premium open-banking services. The firm will also use some of the capital to drive an expansion in the firm’s engineering, product and commercial teams in order to meet increasing global demand.

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