TrueLayer Raises $27M for Pay by Bank
TrueLayer has raised $27M to expand account-to-account payments and deepen its presence in Italy.
Open banking continues to challenge the idea that online payments must run through card networks.
What happened
TrueLayer raised $27 million to expand its Pay by Bank account-to-account payment product and grow its engineering footprint in Italy.
The company allows consumers to pay merchants directly from bank accounts through open-banking connections, creating an alternative to card-based online checkout.
Why it matters
Card networks remain deeply embedded in ecommerce, but merchants increasingly care about transaction fees, settlement speed and fraud risk.
Account-to-account payments can offer a different cost structure while giving banks and local payment systems a larger role in digital commerce.
For TrueLayer, the challenge is moving from infrastructure used by fintech companies into a mainstream payment method that consumers recognise and trust.
The bigger picture
Europe is becoming a testing ground for alternative digital-payment rails.
Open banking, instant payments and stablecoins are all competing to reduce dependence on traditional card infrastructure. TrueLayer sits inside that shift, and strategic backing from European investors also gives the company a sovereignty angle as policymakers increasingly focus on domestic payment capacity.