TrueLayer Expands Open Banking Platform to Five New European Markets

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Digital bank

The five new European markets to which TrueLayer has extended its data and open banking payment services are Austria, Belgium, Denmark, Finland and Portugal.

Image source: Joe Morley/TrueLayer.

TrueLayer has expanded its open baking platform to five new European countries.

Unicorn TrueLayer allows fintechs to connect to customer bank accounts using APIs.

Along with entering new markets, the financial API provider says it has also added hundreds of new banks to its network after boosting connectivity in existing markets, including the Netherlands and Spain.

The five new European markets to which TrueLayer has extended its data and open banking payment services are Austria, Belgium, Denmark, Finland and Portugal.

TrueLayer says more than half of all open banking traffic in the UK, Ireland and Spain is now processed on its platform.

Highlighting the new markets, TrueLayer said merchants would now have access to account-to-account payments at the 20 largest financial institutions in Portugal, 29 banks in Austria, 18 banks in Belgium and 50 in Denmark.

“Working with our customers who span across Europe, we know how important high-quality connectivity is to unlocking the full potential of open banking,” said Joe Morley, CEO Europe of TrueLayer.

In September last year, TrueLayer completed a $130 million funding round, led by New York-based Tiger Global Management LLC, and with participation from existing investors and fellow fintech, Stripe.

The funding round bumped its valuation to a post-money valuation of over $1 billion.

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