$27m · Other round · Software · London, UK
London-based TrueLayer has announced a $27m investment led by CDP Venture Capital, the venture arm of Italy's Cassa Depositi e Prestiti group, alongside a consortium of existing and new investors. The company says the capital will support a Pay by Bank network operating across 22 countries, while Tech.eu classifies the financing as an Other round and lists Stripe and Tiger Global among the investors.
TrueLayer's core product lets consumers pay merchants directly from their bank accounts over open-banking rails. The same network also supports payouts, recurring payments, onboarding and financial-data products. The company says more than 30 million consumers use the network and names Ryanair and Just Eat among the businesses it serves. FinTech Futures reports that the new funding will go toward further development of the account-to-account platform and an engineering hiring drive.
A payments network has to win at the checkout
The strategic language around European payment autonomy matters only if the product becomes a dependable commercial alternative to cards. TrueLayer has already assembled several pieces of that proposition: direct bank payments, payouts, recurring consent through Bank on File, and credit following its acquisition of in3. That wider product surface can give merchants more reasons to integrate once, but it also raises the execution bar. Payment status, conversion, refunds and recurring use all need to work consistently across banks and markets.
TrueLayer's own 2025 annual report says payment volume rose 52%, revenue increased 39% and its user network doubled during the year, while operating cash outflow fell 27%. Those are company-reported figures, but they frame the investment as capital arriving after an operating buildout rather than before a product exists. The next proof point is whether that growth translates into repeated merchant adoption across more everyday checkout journeys.
Milan turns the investment thesis into an operating plan
The financing also gives CDP Venture Capital a direct link to where the network is built. TrueLayer says 70 employees, roughly a quarter of its workforce, are based in Italy, with Milan serving as a core engineering hub. The company expects to continue hiring there through 2027.
That makes the Italian expansion more than a founder-origin story. Additional engineering capacity can improve the product and bank integrations used across TrueLayer's European footprint, while CDP Venture Capital gains exposure to a payments platform already distributed beyond Italy. The commercial question remains concrete: whether TrueLayer can turn broader coverage and product breadth into a payment method that merchants choose repeatedly, not just an infrastructure option they test.
