CDP Venture Capital leads EUR 23 million investment in TrueLayer

TrueLayer has raised EUR 23 million from a consortium of existing and new investors led by CDP Venture Capital. The UK-based company operates a Pay by Bank network built on European Open Banking infrastructure.

CDP Venture Capital is an Italian asset manager within the Cassa Depositi e Prestiti group. It is owned 70% by CDP Equity and 30% by Invitalia and manages 15 funds with more than EUR 4.9 billion in resources.

Investment strengthens TrueLayer's connection with Italy

TrueLayer was founded in 2016 by Italian entrepreneurs Francesco Simoneschi and Luca Martinetti. Around 70 employees, approximately one quarter of the company's workforce, are now based in Italy.

Milan is one of TrueLayer's main locations outside the UK and operates as an important engineering hub. The company expects recruitment in Italy to continue through 2027.

Simoneschi, who also serves as CEO, said the investment has particular importance for the company and its engineering teams. He linked the funding to the founders' original goal of building payment infrastructure in Europe for European users.

Pay by Bank provides an alternative to card payments

TrueLayer's Pay by Bank service allows consumers to pay merchants directly from their bank accounts in real time through European Open Banking infrastructure. The payment does not depend on US card schemes and gives merchants an account-to-account alternative to traditional card acceptance.

TrueLayer operates in 22 countries and counts companies including Ryanair and Just Eat among its customers. The company says more than 30 million European consumers use its network.

Its products combine instant bank payments with financial and identity data. Businesses can use the platform to onboard users, collect payments and make payouts.

CDP Venture Capital focuses on European payment infrastructure

The investment reflects CDP Venture Capital's focus on supporting infrastructure and payment ecosystems developed within Europe. The strategy comes as policymakers and industry participants continue to discuss greater strategic autonomy in European payments.

Mario Branciforti, Head of the Large Venture fund at CDP Venture Capital, said Europe needs payment systems that it owns and controls. He identified TrueLayer as an example of a European payments company already operating at scale.

Branciforti also highlighted the importance of supporting Italian technology talent. According to the investor, TrueLayer's engineering presence in Italy contributes to the development of technology intended to strengthen the country's role in the European payments market.