Pay by Bank network TrueLayer has raised US$27 million in a round led by Italy’s CDP Venture Capital.
The investor said the deal reflects its view that Europe gains from building its own payment rails.
New and existing backers also joined the TrueLayer funding round.
The firm’s service lets people pay straight from their bank accounts. It runs on Europe’s open banking rails rather than US card networks.
TrueLayer said the network is live in 22 countries and has over 30 million users. Ryanair and Just Eat are among its clients.
Two Italians, Francesco Simoneschi and Luca Martinetti, set up TrueLayer in London in 2016.
Today, 70 of its staff work in Italy, about a quarter of the total. Milan is one of its main tech hubs. The firm expects to keep hiring there through 2027.
Across Europe, policymakers and industry groups want the region to have more control over its payments.
“Europe needs payment infrastructure it owns and controls, and we are investing across the continent to help build it,”
said Mario Branciforti, Head of the Large Venture fund at CDP Venture Capital.
“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, CEO at TrueLayer.
Featured image: Edited by Fintech News Switzerland, based on image by peshkovagalina via Magnific.
