Open banking startup TrueLayer has closed a fresh $70m capital injection, led by star dealmaker Lee Fixel’s new Addition fund.
Fixel, who previously oversaw deals at venture capital giant Tiger Global, raised an almost record-setting $1.3bn for his first fund at Addition last year. He is known for early bets on major tech firms such as Peloton, Spotify and Flipkart.
Existing TrueLayer investors including Anthemis Group, Connect Ventures, Mouro Capital, Northzone and Temasek also participated, alongside angels such as Coinbase chief product officer Surojit Chatterjee and former Uber and Twitter vice president Daniel Graf.
TrueLayer said its valuation had “signifcantly increased” as a result of the late-stage series D round, but did not disclose figures. The startup, which helps companies connect to customer bank accounts, has raised $142m to date.
It said it will use the funding to finance global expansion and engineering efforts, increasing hiring across its engineering, product and commercial teams.
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TrueLayer said its software now accounts for more than half of all open banking transactions in the UK, Ireland and Spain, amounting to billions of pounds worth of payments for clients including Revolut and Trading 212.
The startup said payment volumes had increased by 600 times in the last 12 months.
“TrueLayer is ideally positioned to benefit from the trends shaping the future of financial services as more and more companies embed digitally native payments into their platforms,” said Fixel in a statement.
“We look forward to supporting the TrueLayer team as they scale their offering and drive continued innovation.”
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