TrueLayer raises $27M led by CDP Venture Capital to scale Pay by Bank
What's the deal? TrueLayer, the London-founded open banking fintech, has raised $27 million in a late-stage round led by Italy's CDP Venture CapitalDealroom has a profile for this one. Try Dealroom →, with participation from new and existing investors. It will use the money to accelerate adoption of its Pay by Bank network across Europe.
What's the endgame? TrueLayer's core product, Pay by Bank, uses European open banking infrastructure for instant, account-to-account payments. It pitches the model as a homegrown alternative to US card networks, serving clients including RyanairDealroom has a profile for this one. Try Dealroom → and Just Eat. The company now operates in 22 countries and serves more than 30 million European consumers.
Why now? The round reads as a "homecoming" for founders Francesco Simoneschi and Luca Martinetti, who started the company in 2016. About 25% of its workforce — 70 employees — is based in Italy, where Milan is one of its main engineering hubs. TrueLayer expects to keep hiring in Italy through 2027.
Who's backing it? CDP Venture Capital, Italy's leading venture capital operator, led the round through its Large Venture fund, headed by Mario Branciforti. The firm is a subsidiary of Cassa Depositi e PrestitiDealroom has a profile for this one. Try Dealroom →, an investment bank under the Ministry of Economy and Finance, giving the deal a strategic, state-linked dimension.
In Simoneschi's words: "We started TrueLayer with a simple belief: Europe deserves payment infrastructure built in Europe." He added that Italian backing "means a great deal" to the Milan team.
The signal: At $27 million, the round sits in the upper tier of recent fundraises, reflecting investor appetite for open banking payment rails. It also underscores a European push for strategic autonomy in financial infrastructure — and Italy's bid to keep homegrown talent close to home.
Image credit: TrueLayer
