TrueLayer to become Europe’s first open banking fintech in Asia-Pacific
TrueLayer, the London-based provider of financial APIs, announced that it is expanding to Australia, making it the first European open banking specialist to establish a presence in the APAC region. The company already plans to expand further to Hong Kong and Singapore.
Two fortuitous events in 2019 have laid the foundation for this move across the globe. First, TrueLayer was selected by the UK’s Department of International Trade to pilot its ‘fintech bridge’ programme to Australia. Then in June, the company closed a $35 million funding round led by Tencent and Temasek.
With its $47 million to date, the UK fintech is building a range of APIs that provide clients with an interface to customer data and online payments. The company has already expanded to Germany, France, Italy, and Spain and partnered with companies including Monzo, Zopa, ClearScore, Plum, Emma, CreditLadder, Canopy, and ANNA Money. Thousands of developers are actively developing applications on its platform.
