Open Banking Platform TrueLayer Makes European Expansion

The fintech unicorn has added Austria, Belgium, Denmark, Finland and Portugal for open banking data and payment initiation services.

London-based open banking platform TrueLayer has started the year well with further expansion of its connectivity in five European countries.

The fintech company says it has added Austria, Belgium, Denmark, Finland and Portugal for open banking data and payment initiation services. It has also increased connectivity in existing markets including the Netherlands and Spain, and as a result, added “hundreds of new banks” across a total of 16 European markets.

“We pride ourselves on making connections available only when we believe they are fit for purpose, rather than focussing on vanity metrics that ultimately don’t deliver the best results for our clients or their customers,” comments Joe Morley, CEO Europe at TrueLayer.

According to TrueLayer, it offers over 95%+ coverage of the banked population in “major” European countries, with more than half of all open banking traffic in the UK, Ireland and Spain being processed across its platform.

In Portugal, TrueLayer now provides merchants access to aggregated financial data, and account to account payments from the nation’s 20 largest financial institutions, with a reach of more than nine million bank customers, equating to 99% total market coverage.

In Austria, data and payments connectivity has been added for 29 banks including Raiffeisenbank, BAWAG and Bank Austria. Belgium sees 18 banks available for data and payments including BNP Paribas Fortis, KBC and Argenta, while Denmark adds 50 new banks, including Nykredit, Jyske Bank and Spar Nord. In Finland five banks have been added for data connectivity and payments, including Danske, OP Bank and S-Pankki.

TrueLayer has been busy over the last few months.

Last month, NatWest made the industry’s first open banking variable recurring payment (VRP) with the help of TrueLayer.

VRPs are an additional open banking API that the nine largest UK banks have been instructed to build by the Competition and Markets Authority for sweeping. They support third party providers like TrueLayer to initiate a series of payments for a customer of variable amounts and at variable intervals.

In September, TrueLayer closed a $130 million (£95 million) fundraising round.

That investment gave the fintech firm a post-money valuation of more than $1 billion (£730.9 million) and took it into the realm of unicorns.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.
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