L39 API member TrueLayer comes out of stealth; secures $1.3m funding

L39 API member TrueLayer comes out of stealth; secures $1.3m funding

Bridging the divide between bank and developer – Level39 member  TrueLayer , has launched and announced a $1.3m funding round led by Connect Ventures. 

TrueLayer’s API platform enables third-party developers to plug into banks – a critical service in the wake of PSD2 rules and CMA guidelines.

TrueLayer works by aggregating and normalising financial data into a single platform for developers – giving them the tools they need to create financial products, apps, advisers and other services.

Francesco Simoneschi, CEO, TrueLayer, says: “We want to enable a new ecosystem of financial services to flourish by bridging the divide between banks and developers. To date, financial innovation has been hindered by the industry’s reliance on legacy architecture and by the banks’ closed-door approach to technology and data.

“Although new regulations like PSD2 in Europe will help create a solution to this challenge, they don’t go far enough to drive real change. What is needed is true, open access, and the consistency that’s required to help developers benefit en masse. This is what TrueLayer brings to the market.”