(Finance) – TrueLayera fintech startup active in open banking and founded by Francesco Simoneschi and Luca Martinetti, has closed a new investment round, raising $50 million in an extension of its Series E worth 130 million dollars. The round was led by Northzone, with participation from existing investors Tencent, Tiger Global, Temasek and Stripe. Today, TrueLayer processes more than $50 billion in total payment volume and 150 million transactions per year.
“This financing is another vote of confidence in our company, in our technology and testifies to the fundamental infrastructure we have created – commented co-founder and CEO Francesco Simoneschi – Reaching this scale and location required a lot of time, capital and effort. We have created a unique ecosystem that connects banks, merchants and consumers. This investment allows us to continue to challenge the status quo in payments and grow our presence in areas such as e-commerce.”
The new round values the company at around $700 million, 30% less than the €1 billion raised in the 2021 round, making it lose “unicorn” statusaccording to what Bloomberg writes citing people familiar with the situation.
“Separately from this fundraising, we have taken important steps to chart our path to profitability, including simplifying operating costs and staff reduction – said Simoneschi – Every decision that affects our staff is always very tough and I am grateful to my team for their help and support in this period of change”.
(Photo: Photo by Adeolu Eletu on Unsplash)