TrueLayer Raises 50 Million Dollars to Power Pay-by-Bank Growth

UK open banking company TrueLayer has raised $50 million to power the growth of pay-by-bank payments. The funding will support TrueLayer's efforts to accelerate the adoption of bank-to-bank payments as an alternative to card-based transactions.

Pay-by-bank enables consumers to pay merchants directly from their bank accounts, bypassing card networks and potentially offering lower transaction costs. TrueLayer's infrastructure connects fintechs and merchants to bank payment rails across Europe.

The $50 million raise comes as pay-by-bank gains traction with merchants seeking alternatives to card processing fees, and regulators continue to push for open banking adoption across Europe.