TrueLayer Earns Trust of Tillit in Open Banking Deal

With TrueLayer embedded in the Tillit investment platform, the fintech firm can offer account-to-account payments without the need to enter any card or bank account details.

It’s a London-based duet with investment platform Tillit choosing TrueLayer for its open banking needs.

Founded by former Baillie Gifford employees – investment manager Felicia Hjertman and software developer Paul O’Neill – Tillit (which means ‘trust’ in Swedish) provides DIY investing. It operates in the B2C sector and offers around 100 handpicked funds on the platform, both active and passive, which its Investment Committee has selected based on Tillit’s fund selection manifesto.

Tillit has now implemented open banking payments through TrueLayer’s Payments API.

Nick Tucker, Head of Financial Services at TrueLayer, states: “As investors look to build their portfolios, they are often faced with numerous issues, including slow and inefficient payments. Tillit is a new entrant looking to do things differently, from its handpicked funds through to a fee structure that rewards loyalty. It recognised that TrueLayer’s open banking platform can deliver a seamless, secure payments experience that also creates an opportunity for it to develop a deeper and more positive relationship with its customers.”

With TrueLayer embedded in the Tillit platform, the fintech firm can offer account-to-account payments without the need to enter any card or bank account details. Instead, customers select the ‘Pay with my Bank’ option, authenticate their identity with biometrics, and confirm the payment.

It’s not a lie to say TrueLayer has started the year in lively fashion.

Last month the open banking platform announced further expansion of its connectivity in five European countries.

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

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

In September last year, 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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