London-based open banking startup TrueLayer has raised $ 130 million in funding in a round led by Tiger Global and Stripe.
- The hike estimates TrueLayer more than $ 1 billion, thus giving it “unicorn” status.
- Open banking, for which TrueLayer provides an infrastructure, enables customers to deal with companies more seamlessly with bank-to-bank payments, avoiding the need for debit and credit cards to purchase and register on platforms.
- “People find themselves constantly typing the 16 digits of their debit cards, relying on unknown websites to store their card details, deferring to credit cards for larger purchases, and getting stuck in awkward authentication loops,” CEO Francesco Simoneschi said in a statement Monday.
- Removal of this requirement may negate some of the intrusive frictions for crypto companies. TrueLayer aims to allow instant deposits and withdrawals via a single integration between the user’s bank account and the crypto platform.
- TrueLayer counts such companies as digital banking service Revolut and cryptocurrency payment program MoonPay among its customers and has seen an increase of 400% in monthly volume and 800% of monthly value so far in 2021.
Read more: MoonPay Takes “Considerable” Interest in Crypto Banking Provider BCB Group