AI Series Founders: Tiger Stripes

The recent influx of funding for TrueLayer, an open banking software company, has sparked excitement in the fintech community. The startup has secured a significant investment from D1 Capital Partners and Tiger Global, with ICONIQ Growth and Susquehanna Growth Equity joining as co-investors. This fresh capital injection will enable TrueLayer to further its ambitions of becoming a ubiquitous payment platform across the UK, Europe, and eventually globally.

In an interview, CEO and founder Francesco Simoneschi highlighted the Biden administration's executive order in July, which encouraged the use of open banking software, as a significant milestone for the industry. This development has created opportunities for TrueLayer to expand its presence in the US market, although Simoneschi emphasized that no immediate plans are in place.

The investment from Tiger Global, a prominent US venture capital firm, is particularly notable. This marks the second time this year that Tiger Global has invested in an open banking company, following its backing of London's SMB data platform Codat in July. According to Simoneschi, Tiger Global's expertise in digital commerce and technology made their offer too hard to resist.

TrueLayer's previous funding round, a Series D in April, raised $70 million. The new investment is seen as a significant vote of confidence from Stripe, which competes with TrueLayer through its 'Pay By Bank' integration. This partnership could potentially allow TrueLayer to become Stripe's de-facto open banking option at the checkout.

The European open banking payments space is becoming increasingly competitive, with several established players vying for market share. TrueLayer now finds itself up against the likes of $13 billion American giant Plaid. However, Simoneschi remains optimistic about the company's prospects, citing the potential for payments to unlock open banking infrastructure and create a viable business model.

As TrueLayer looks to expand its presence globally, it is clear that the company has the backing of influential investors. With this fresh injection of capital, TrueLayer is well-positioned to drive growth and innovation in the rapidly evolving world of open banking.

Ai series founders tiger stripes