TrueLayer raises US$27 million to expand in Italy
Italy’s state-backed CDP Venture Capital led the funding round. The UK payments fintech expects to keep hiring in Italy through 2027.
UK payments fintech TrueLayer said it has raised US$27 million to develop its Italian operations, with CDP Venture Capital leading the investment. The Italian state-backed investor joined the company’s backers for the first time, alongside a group comprising both existing investors and newcomers.
TrueLayer said around 70 employees are based in Italy, representing around a quarter of its workforce. Milan serves as a key engineering location for the company, which expects hiring in the country to continue through 2027.
The company uses open banking technology to enable online payments directly between bank accounts. Known as account-to-account payments or pay by bank, these transactions provide an alternative to payments routed through card intermediaries such as Visa and MasterCard.
TrueLayer’s backers include Stripe and Tiger Global, and it has raised around US$350 million in total. Italians Francesco Simoneschi and Luca Martinetti established the company in London in 2016 with the aim of creating a modern European payment network.
