TrueLayer Secures Open Banking Deal with Douugh Down Under

“For our customers to lead financially healthier lives, and for our banking super app to be their financial control centre, the whole financial picture needs to be available in one place, in real time, with all the right information. And technology should do that work, not the customer."

London-based fintech firm TrueLayer is keeping busy thanks to a new open banking deal with Douugh in Australia.  

Banking app Douugh lets customers autonomously budget, save and invest their money – and will partner with TrueLayer to access open banking data.

Douugh’s Founder and CEO Andy Taylor states: “For our customers to lead financially healthier lives, and for our banking super app to be their financial control centre, the whole financial picture needs to be available in one place, in real time, with all the right information. And technology should do that work, not the customer. That’s why we have chosen to work with TrueLayer to access consented open banking data under the Consumer Data Right [CDR] in Australia.”

Open banking in Australia is enabled by CDR that permits API-first data sharing between banks and accredited fintechs of a consumer’s banking data with the full permission and consent of the consumer.

TrueLayer’s CEO for Australia & New Zealand, Brenton Charnley, explains via its single unified data API it can support its Australian clients both locally and globally.

He adds: “By extension, TrueLayer can provide more services internationally with only local integration as it’s the same tech stack and support environment.”

Douugh is based in Sydney and was founded in 2016. It was launched in November 2020 by Taylor, Co-founder of SocietyOne.

The fintech company also plans additional international locations in the future, following its recently announced partnership with Railsbank.

Under the terms of the three-year agreement, Douugh will pay a fixed monthly fee for each CDR-connected bank account per active customer. TrueLayer will be Douugh’s CDR Principal and will use its data APIs to collect CDR data on behalf of Douugh, so that Douugh can provide personal financial management services to its Australian customers via its banking app.

TrueLayer has customers across the UK, Europe and Australia. It was founded in 2016 and as mentioned above has been active.

Earlier this month, there was a London-based duet when investment platform Tillit chose TrueLayer for its open banking needs.

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

TrueLayer 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 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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