British fintech startup TrueLayer to get $35 million in funding


LONDON: British fintech startup TrueLayer is going to receive $35 million in new funding from the Chinese technology giant Tencent Holdings and Singapore government-owned fund Temasek, according to industry insiders.

TrueLayer sells open-banking software, which lets people share or aggregate their financial information from different providers.

It is expected that TrueLayer will use the funding for expansion across Europe and Asia Pacific, making Tencent and Temasek not just valued investors but also important strategic partners.

The investment is part of a series of recent investments in UK’s fintech startups and great news for the thriving industry in the country despite Brexit.

TrueLayer has raised US$47 million to date, it said in a statement on Tuesday.

Existing investors Northzone Ventures and Anthemis Group are also participating in the funding round.