TrueLayer, the London payments company founded by two Italians, has raised $27M, about €23 million, in a round led by CDP Venture Capital, the venture arm of Italy's state-backed Cassa Depositi e Prestiti group, and is putting the money into its team in Milan, according to Tech Funding News, Tech.eu, FinTech Futures and The Paypers. The round, announced on 8 October, includes a consortium of existing and new investors.
About 70 of TrueLayer's staff are in Italy, roughly a quarter of its workforce, and the company describes Milan as one of its core engineering hubs. It expects to keep hiring there through 2027. The money will also go into its Pay by Bank technology.
Payments without the card networks
Pay by Bank lets shoppers pay straight from their bank account, instantly, over European open banking infrastructure instead of US card networks. TrueLayer says more than 30 million consumers use its network in 22 countries, and counts Ryanair and Just Eat among its customers.
"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," said Francesco Simoneschi, co-founder and chief executive. He and Luca Martinetti became friends at school in Rome and started the company in London in 2016.
Why an Italian public investor
CDP Venture Capital is owned 70% by CDP Equity and 30% by Invitalia and manages 15 funds with more than €4.9 billion in assets; Tech.eu describes it as a first-time investor in TrueLayer. "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, who heads its Large Ventures fund.
TrueLayer, backed by Stripe and Tiger Global, has raised around $350m in total, according to Tech.eu. A 2024 extension led by Northzone valued it at about $700 million, Bloomberg reported at the time. This year it completed the purchase of Sweden's Zimpler, announced the acquisition of the Dutch buy now, pay later provider in3, and took an undisclosed strategic investment from eBay Ventures in February. Its revenue was £20.3 million in 2024, up from £12.4 million in 2023, Tech.eu reported.
