TrueLayer raises $27 million from CDP Venture Capital to expand Pay by Bank in Italy
The London-based open-banking company will use the investment to expand its account-to-account payment network and grow its Milan engineering hub.
TrueLayer, the London-based open-banking payments company, said October 8 that it had raised $27 million in a new investment round led by CDP Venture Capital, Italy's state-backed venture investor, with participation from new and existing backers.
The company said the capital will support expansion of its Pay by Bank network and continued investment in its Milan engineering hub. TrueLayer has roughly 70 employees in Italy, according to the company, and plans to continue hiring there through 2027.
Pay by Bank lets a customer authorize a payment directly from a bank account through an open-banking connection rather than entering card details. For merchants, the appeal is potentially lower payment costs and faster settlement; for consumers, the tradeoff is that the checkout flow depends on bank authentication and the quality of the account-to-account connection in each market.
The investment is a targeted expansion rather than a new product launch. TrueLayer already operates across European markets, and Italy is one of the countries where the company is building local engineering and commercial capacity. The company did not disclose a post-money valuation or a new transaction-volume target with the announcement.