TrueLayer has raised $27 million to expand its European Pay by Bank network
TrueLayer’s European Pay by Bank network currently serves 30 million users across 22 countries as a homegrown alternative to card networks.
TrueLayer, Europe’s leading Pay by Bank network, announced a $27 million investment led by CDP Venture Capital (Cassa Depositi e Prestiti group), Italy’s leading venture capital operator, alongside a consortium of existing and new investors. The news comes ahead of CEO Francesco Simoneschi’s appearance on stage at Wave by Vento in Turin on Friday 9 October.
The investment marks a homecoming for a company founded by two Italians. Francesco Simoneschi and Luca Martinetti started TrueLayer in London in 2016 to build a modern payment network for Europe. Today the company is live in 22 countries and powers payments for some of Europe’s best-known businesses, including Ryanair and Just Eat. Backing from CDP Venture Capital brings that journey full circle.
TrueLayer’s flagship product, Pay by Bank, enables consumers to pay directly from their bank account, instantly and securely, using European open banking infrastructure rather than relying on US card networks. As policymakers and industry participants across the continent work to strengthen Europe’s strategic autonomy in payments, TrueLayer’s network offers a proven, homegrown alternative already operating at scale, with more than 30 million European consumers.
CDP Venture Capital’s investment reflects a shared belief that Europe benefits from developing and strengthening its own economic infrastructure and payment ecosystems.
With 70 people in the country, roughly a quarter of TrueLayer’s workforce is based in Italy, and Milan is one of its core engineering hubs, building products used by businesses and consumers across Europe. The company expects to continue hiring there through 2027.
“We started TrueLayer with a simple belief: Europe deserves payment infrastructure built in Europe. Having Italy back that belief means a great deal to us personally, especially to our talented team in Milan, who work hard every day to build the future of European payments.” said Francesco Simoneschi, co-founder and CEO of TrueLayer.
“Europe needs payment infrastructure it owns and controls, and we are investing across the continent to help build it. TrueLayer is a clear example of what that looks like in practice, with a network already operating at scale in 22 countries. Our role is to back Italian talent, and the engineering team in Milan is developing the skills and the technology that will keep Italy at the centre of European payments for years to come.” said Mario Branciforti, Head of the Large Venture fund of CDP Venture Capital.
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