TrueLayer raises $27M, gains Italian state-backed investor

TrueLayer, a UK-based open banking payments startup, has secured a $27 million investment round led by an Italian state-backed investor. The funding marks the first time the investor has backed the company, according to tech.eu.

The round reflects TrueLayer’s push into Italy, where it aims to challenge the dominance of card payments. The company provides infrastructure that allows businesses to process payments directly from bank accounts, bypassing traditional card networks. While open banking adoption has grown in some markets, Italy remains a largely untapped opportunity for such services.

TrueLayer’s expansion comes as fintech funding in Europe shows signs of recovery, though investment patterns have shifted compared to previous years. Its focus on Italy aligns with broader trends in European fintech, where startups are increasingly looking beyond established markets to drive growth.

The involvement of a state-backed investor may also signal strategic interest in open banking as a tool for financial inclusion or digital payments modernization. Observers will watch whether TrueLayer can replicate its earlier successes in Italy, where consumer behavior and regulatory dynamics differ.

Sources: tech.eu