Stripe-backed fintech TrueLayer launches payments product in Europe

Open banking unicorn TrueLayer is bringing its closed-loop payments product to Ireland, France, Germany, Spain and the Netherlands. The post Stripe-backed fintech TrueLayer launches payments product in Europe appeared first on Silicon Republic.

Stripe-backed fintech TrueLayer launches payments product in Europe

TrueLayer, the UK-based open banking platform that has its European HQ in Dublin, is launching its closed-loop payments product in a number of countries across Europe as part of an international expansion.

In an announcement today (12 April), TrueLayer said that the payments product, which includes instant deposits, refunds and withdrawals, will be launched in Ireland, France, Germany, Spain, Lithuania and the Netherlands.

The European expansion comes months after the Stripe-backed start-up chose Dublin for its European HQ last August. The new Irish base is led by former WhatsApp and Facebook executives Joe Morley and Leigh-Ann Cotter.

TrueLayer provides an open banking network used to securely access financial data and enable instant payments. The company says that its payment platform costs less and is more secure than traditional payment methods, including cards, bank transfers and digital wallets.

Till Wirth, head of product at TrueLayer, said that the platform can be used by European fintechs, banks, trading and e-commerce platforms and crypto exchanges to create a better payment experience and improve customer loyalty.

“Our platform delivers instant deposits, withdrawals and refunds. Instant deposits enable our customers to achieve higher conversion rates, which improves customer acquisition,” he said. “In contrast, settlement and refunds with cards often takes three days or more.”

TrueLayer also says its product offers security in the face of rising card fraud in Europe, which amounted to €1.55bn in 2020. France, Germany and Spain – three countries TrueLayer is launching its product in – all ranked in the top five for card fraud losses, with UK at the top.

Wirth added that TrueLayer’s biggest charm is the speed and security of its transactions. He cited a YouGov report in which 37pc of investors said they would increase their deposits and 46pc would switch providers if an investment platform also allowed them to withdraw their funds immediately.

Last September, TrueLayer achieved unicorn status after a $130m funding round backed by Stripe. The Irish-founded payments giant has invested numerous up-and-coming fintech ventures across the US and Europe, including New York-based fintech Ramp last month.

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The post Stripe-backed fintech TrueLayer launches payments product in Europe appeared first on Silicon Republic.