London based financial application developer Truelayer has raised $3m in Series A funding led by Anthemis Group. Truelayer has built a developer platform to make it easy for fintech companies to access bank APIs.
The European Union’s Second Payment Services Directive (PSD2), due to be written into law by January 2018, will force banks operating within the EU to offer read and write access, so that, with your consent, third-party apps and services can access your bank account data, including being able to make and receive payments on your behalf. Unsurprisingly, a plethora of fintech startups are already getting high on PSD2 fumes by building out a range of products ahead of time, from Personal Finance Manager apps (PFMs), credit and loans, to card-linked offers and cash-back, ready for when PSD2 legislation finally kicks in. TrueLayer, on the other hand, is taking a picks ‘n’ shovels approach to what many predict will be a PSD2-driven fintech gold rush.