London-based fintech platform TrueLayer opens new European HQ in Dublin

TrueLayer Image credits: TrueLayer

In the latest development, TrueLayer, an open banking platform has been authorised by the Central Bank of Ireland (CBI) as a Payments Institution and established its new European headquarters in Dublin.

Why HQ in Dublin?

European HQ is established in Dublin due to its position as a global centre for financial services innovation, a thriving technology scene, and access to skilled talent. Additionally, the CBI has a strong track record as a regulator committed to delivering quality financial authorisation and supervision.

The European HQ is led by former WhatsApp and Facebook Executive, Joe Morley. The former WhatsApp and Facebook executive brings extensive payments and technical and commercial knowledge, having launched and managed the business APIs to monetize both platforms in EMEA.

“Ireland has become the EU’s fintech centre of choice with the likes of Coinbase, Stripe, Remitly, Square, and our clients, including Paysafe and Payoneer being based here. We are excited to be joining them, making Dublin our home from which to accelerate our European expansion and deliver our market-leading open banking services to banks, fintech firms, and e-commerce platforms across the continent,” commented Joe Morley, CEO for TrueLayer Ireland and GM Europe “The Irish domestic market is also evolving rapidly with our clients such as Revolut having rapidly established an impressive user base, supporting consumers and businesses with open banking-based services that improve their everyday lives. The future is incredibly exciting with open banking payments replacing cards as the primary payment method at the checkout for e-commerce firms of every shape and size.”

The company also appointed Leigh-Anne Cotter, who was previously head of Commerce and Payments Operations at WhatsApp, as its Chief Operating Officer for Europe.

Building better financial experiences

Founded in 2016 by Francesco Simoneschi and Luca Martinetti, TrueLayer is a fintech platform utilised to build financial apps that connect to bank data, verify accounts, and access transactions in real time.

It uses its toolkit to develop consumer and server message block (SMB) applications in payments, online lending, personal financial management (PFM), robot-advisors, insurance, investment services, p2p marketplaces, etc and cryptocurrencies.

The company aims to grow the open banking economy by creating a platform for companies to develop new financial services and products.

The company is backed by investors including Addition, Tencent, Temasek, Northzone, Anthemis Group, Mouro Capital, and Connect Ventures, and trusted by millions of consumers and businesses around the world.

Serves 12 European markets

TrueLayer has expanded its services across 12 European markets, growing payment volumes by 600x, and adding hundreds of new customers across banks, fintech firms, e-commerce, trading, wealth management, and iGaming.

The company’s API-first platform offers more than 90% coverage of all major European markets and accounts for more than half of all open banking traffic in the UK, Ireland, and Spain, processing billions of euros in payments.

Francesco Simoneachi, CEO and co-founder of TrueLayer commented: “When we began our search for a European HQ, we wanted a location that mirrored much of what made the UK such an exceptional base for us – a strong regulator, in an established global financial services centre that embraces fintech and digital innovation. Ireland was ideal, with the CBI’s regulatory regime broadly similar to the UK, and Dublin is a thriving centre for payments and e-commerce. The city has built an incredible reputation for financial services and offers the talent across engineering, product, and payments that we will need to support our ambitious growth plans. We’re only the second firm to be authorised by CBI in 2021, so I’m incredibly proud of the team that worked on the application to make our European HQ a reality.”