TrueLayer, the provider of financial APIs, has expanded its Data API platform to Germany.
Founded in 2016 by entrepreneurs Francesco Simoneschi and Luca Martinetti, TrueLayer has received $11.9m across multiple round of investments from top-tier VC firms operating in financial services and SaaS business, including Northzone, Anthemis Group and Connect Ventures.
It provides an interface between financial institutions and third-party applications over an API. Its first product – the Data API – allows companies to access the financial data of their customers, securely and efficiently.
TrueLayer is due to launch its second major product focused on payments in 2019.
The company says that using its unified Data API means that businesses, especially fintechs, will be able to avoid costly and time-consuming integrations of the dozens of fragmented banking APIs in Germany and across Europe.
The Data API said it removes significant obstacles for applications seeking to build bank-data enabled services including account verification, financial management, and opens up secure access to bank data for all of Germany’s major banks including Deutsche Bank, Sparkassen and Commerzbank.
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Vedika Jain, product manager for the Data API at TrueLayer, said: “We’re proud to be building a presence in Germany, a country that has long understood the value of opening up access to banking data by introducing back in 1995, an open banking protocol called HBCI (Home Banking Computer Interface).
“The protocol was later re-born as its successor FinTS which is now supported by more than 2,000 banks locally making it one of the most open banking infrastructures in the world.
“We believe that Germany embodies a collaborative outlook between banks, third-parties and consumers that serves as an example to the world. They also have vibrant technology, startup and finance ecosystems, which is building more and more products that are improving the financial world we live in.”
TrueLayer will continue to support other PSD2 APIs in Germany and provide RTS compliant access to bank infrastructure.
TrueLayer has also secured a series of major partnerships with companies including Zopa, ClearScore, CreditLadder, Canopy, Plum, BitBond, Emma, and Anorak. It also has a number of undisclosed partnerships in the pipeline with major companies in the consumer and financial space that will go live in the next 12 months.