British open banking fintech TrueLayer has closed a $27 million investment round with participation from CDP Venture Capital and the Rialto I EuVECA fund.
TrueLayer Group Holdings Limited, a British fintech active in open banking, has closed a $27 million investment round with the participation of CDP Venture Capital SGR S.p.A., through the Large Ventures fund, and AVM SGR S.p.A. Gestore EuVECA Società Benefit, on behalf of the Rialto I EuVECA fund, together with a consortium of new and existing investors.
Founded in London in 2016 by Italians Francesco Simoneschi and Luca Martinetti, TrueLayer now operates in 22 countries and has developed the Pay by Bank platform, a solution that allows consumers to make instant payments directly from their current account through the European open banking infrastructure, as an alternative to traditional US payment networks. The platform handles payments for some of Europe’s best-known companies, such as Ryanair and Just Eat, and has over 30 million users.
TrueLayer has 70 employees in Italy, about a quarter of its workforce, and Milan is one of its main engineering hubs, where products used by <a href="https://bitcomme.com/how-a-social-media-marketing-company-in-usa-helps-businesses-build-stronger-brands/” title=”How a Social Media Marketing Company in USA Helps Businesses Build Stronger Brands”>businesses and consumers across Europe are developed. The goal is to continue hiring in Italy until 2027.
CDP Venture Capital and Rialto were assisted in the investment round by the Emerging Companies & Venture Capital team of LCA, made up of Equity Partner Andrea Messuti, Managing Associate Daniele Ferrone and trainee Gianmarco Pacini, as well as, for English corporate law aspects, Equity Partner Leah Dunlop and Mid-Level Associate Valerio Navarra and, for European regulatory aspects, Partner Giancarlo Ranucci and Associate Davide Machiorlatti.
CDP Venture Capital SGR also followed the transaction with a team led by General Counsel Alessandro di Gioia, together with Debora Perciballi, Head of Legal Affairs, Direct Investments.
LCA was also supported by the law firm Goodwin Procter LLP for English law regulatory and employment aspects and by McCann FitzGerald LLP for European regulatory and Irish law aspects and for Irish law employment aspects.
TrueLayer was assisted by its in-house legal team.
