The London-based trio of TrueLayer, Form3 and LHV UK have picked up some new fintech deals.
Seedrs, a private investment platform with over £1.9 billion investments to date, has chosen Form3, a cloud-native payment technology provider, and banking services provider LHV UK to enable it to access UK Faster Payments and SEPA Instant Payments in Europe.
TrueLayer ‘n’ Chip
According to TrueLayer, Chip customers can now use its open banking payments to fund their savings accounts.
Chip offers a variety of options – such as investments in real assets, and diversified funds with the likes of BlackRock and savings. It’s worked with TrueLayer’s open banking before, and used it for bank connectivity to analyse transaction data and make savings recommendations to its customers.
Now, with TrueLayer Payments Chip’s customers can connect their primary bank account to the app using payments initiation. This “removes transaction fees associated with cards and other payment methods such as Apple Pay”.
Fintech unicorn TrueLayer has been picking up plenty of other deals.
Last month, it grabbed a deal with Watches of Mayfair, a luxury London-based watch and jewellery boutique. Other successes include financial app Curve, CMC Markets, Thunes, digital bank Zopa, The Credit Thing, Monoova in Australia, Lemonade Finance, MogoPlus, Douugh, ETX Capital in London and investment platform Tillit.
According to Seedrs, the new payment capability will support its efforts to make it “easier and faster” for retail investors to invest in European businesses.
The new collaboration is underpinned by Form3’s cloud-API technology and LHV UK’s banking infrastructure and regulatory expertise to provide Seedrs with real-time payments for account funding and reconciliation services.
The new payment collaboration is due to go live in August.
As reported last year, US fintech company Republic snapped up Seedrs for $100 million (£75 million). In April 2022, the boss of Seedrs criticised UK regulators for blocking its merger with a competitor (Crowdcube) last year and stifling growth.
Away from unhappy thoughts (and words) from Seedrs, LHV UK and Form3 are doing well.
Last month, LHV UK revealed its parent company, LHV Group, raised €35 million (£30 million) via an oversubscribed rights issue.
Form3 was on form and full of fuel with a Series C investment funding of $160 million (£116 million) last year.