London-based TrueLayer has raised $130 million in a Series E funding round, tipping its valuation over $1 billion and solidifying its status as a fintech unicorn.
The round was led by new investor Tiger Global Management, and saw participation from global payments firm Stripe.
It follows an April 2021 Series D worth $70 million, led by Addition, set up by former Tiger Global partner Lee Fixel.
The Series E means TrueLayer has now raised a total of $270 million. Its new cash will go towards scaling the business and development of new products and services.
The fintech says the figure reflects its position as a “market leader” in the open banking payments space.
TrueLayer claims to have processed “billions in payments” and seen monthly payment volume growth of more than 400%. It says one in three Europeans use its technology to make a payment.
“There is only so long that global business can rely on systems that are outdated, expensive and not fit for the digital age,” says CEO Francesco Simoneschi.
“TrueLayer is carving a new world of payments altogether, which can deliver a fundamentally faster, safer and more user-friendly experience.”
2021 has seen TrueLayer launch a trio of new systems, including its PayDirect, Verification API, and Payouts solutions.
PayDirect is positioned as a rival to traditional debit and credit cards, and offers one-click verification for “instant” deposits and withdrawals.