London based fintech app development platform TrueLayer has raised $1.3m in Series Seed funding led by Connect Ventures. The company is using the funds to continue to develop the service, which is currently available in the UK with plans to cover other main countries in Europe later this year.
Led by CEO and co-founder Francesco Simoneschi, who is also a partner of San Francisco-based micro vc firm Mission Market, and previously co-founded Staq (which was acquired by Upsight), and DomainsBot (which is now part of the German group Sedo Holding Gmbh), TrueLayer has launched the private beta of its API platform that aims to connect applications with banks and financial services institutions. The platform gives developers the tools to easily access the bank data they need to build new financial services such as payment apps, online lenders, robot advisors, personal finance management and more. The solution aggregates and normalizes financial data into a single platform alongside functionality that enables developers to ask for the consent they will need to connect a customer’s bank information and transactions into their applications while maintaining compliance with industry regulation and financial providers.