Open Banking API provider TrueLayer raises $7.5M

London-based startup TrueLayer has raised  $7.5 million in funding in a round led by  venture capital fund Northzone.

This follows a$3 million series A round in June 2017.

TrueLayer has built a developer platform to make it easy for fintech and other adjacent companies, such as retailers, to access bank APIs. TrueLayer offers a single platform/API to connect to 16 banks and credit cards in the U.K., using a mixture of official Open Banking APIs, access to private APIs, and, at a push, screen scraping.

So far, TrueLayer has secured partnerships and integrations with a number of fintech companies including challenger banks Monzo and Starling Bank, along with the likes of Zopa, ClearScore, Canopy, Plum, BitBond, Emma, Anorak, and CreditLadder.

The platform offers accounts verification and supports KYC processes, and transactional data for things like account aggregation, credit scoring, and risk assessment.

The new funding will be used to expand in other European markets such as Germany and France. the startup will also be looking to grow its team and develop new products to help companies and consumers make the most of Open Banking and PSD2.

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