The partnership could see Visa take a minority stake in TrueLayer as part of a Series C funding that helped the startup to raise $35 million.
TrueLayer, a UK developer of universal APIs allowing companies to efficiently and securely access their customers’ bank accounts to validate their identity, make payments, and share financial data, has entered into a partnership with Visa, a US multinational financial services corporation. The partnership with Visa will allow TrueLayer to work with an extensive network of banks and businesses to support them in the development of open banking applications and services offering tangible benefits to clients, according to Francesco Simoneschi, CEO of TrueLayer. As part of TrueLayer’s Series C funding in June 2019 that raised $35 million, Visa is expected to take a minority stake in the startup.
“Our company wants to scale open banking to a level where it impacts manifestly each aspect of financial services for consumers. [This] needs established, large players to come on board and work with startups like TrueLayer. Visa has been one of the most successful fintech companies ever built, [and] our company ultimately has a lot to learn from Visa,” said Simoneschi.
Visa partnership is a vital part of TrueLayer’s twin goals
“Visa’s partnership with TrueLayer is another instance of how our company is investing in organizations offering next-generation services, enabling convenience and innovation for consumers and clients alike,” said Mark Nelsen, Senior VP of Risk Products and Business Intelligence at Visa.
Visa will be able to tap new opportunities for its network and clients with the help of the TrueLayer partnership, according to Nelsen. Simoneschi said that the partnership with Visa is a significant part of TrueLayer’s twin goals of growing the open banking economy and becoming a global platform. Recently, TrueLayer announced about its expansion in Asia Pacific with the opening of its new hub in Australia. The startup is already in business with European innovators in Spain, Italy, France, Germany, and the UK.