Observed Signal · Sep 25, 2025 · Earnings Report · Source: Tech.eu · Impact: 2/5 · Sentiment: Neutral
TrueLayer boosts transactions, cuts staff to reach profitability
TrueLayer, a UK open banking startup backed by Stripe and Tiger Global, reported processing 188 million transactions in 2024, an 84% increase from 2023. Revenue grew to £20.3 million from £12.4 million, while pre-tax loss narrowed to £38.6 million from £55.6 million. The company reduced headcount from 346 to 259, partly due to job cuts of 79 staff. It highlighted a five-fold increase in e-commerce adoption of its 'pay by bank' technology, with total payment volume exceeding $56 billion in 2024. TrueLayer ended the year with £46.4 million in cash, not including an unused debt facility from Blackrock. Following a $50 million funding round, its valuation dropped to around $700 million.
TrueLayer's financial results highlight growth in open banking payments, a relevant e-commerce infrastructure trend, but impact on the AdTech industry is indirect.
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Key Takeaways & Evidence Grounding
- TrueLayer processed 188 million transactions in 2024, up 84% from 2023.
- Revenue rose to £20.3 million in 2024 from £12.4 million in 2023.
- Pre-tax loss narrowed to £38.6 million from £55.6 million in 2024.
- Headcount fell to 259 from 346 in 2024, including 79 job cuts.
- Total payment volume surpassed $56 billion in 2024, and valuation dropped to ~$700 million after a $50 million funding round.
Connected Companies & Entities
11 Entities mapped“Stripe-backed UK open banking startup TrueLayer...”
“TrueLayer’s customers include Just Eat Takeaway, Revolut and Coinbase....”
“TrueLayer, which is also backed by Tiger Global...”
“TrueLayer’s customers include Just Eat Takeaway, Revolut and Coinbase....”
“TrueLayer’s customers include Just Eat Takeaway, Revolut and Coinbase....”
“pointed to it now working with Ryanair and Lastminute.com...”
“pointed to it now working with Ryanair and Lastminute.com...”
“a figure it said which did not include an unused debt facility from Blackrock....”
“as an alternative to card giants Visa and Mastercard...”
“according to Bloomberg....”
“as an alternative to card giants Visa and Mastercard...”
Ontology Mapping & Concepts
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TrueLayer Raises $27M Led by CDP Venture Capital
UK-based open banking payments fintech TrueLayer has secured a $27 million investment round led by Italy's CDP Venture Capital, with participation from new and existing investors. The company, backed by Stripe and Tiger Global, aims to strengthen its presence in Italy, where it already employs about 70 people in Milan. The funds will support further expansion and hiring through 2027. TrueLayer, founded in 2016 by Italians Francesco Simoneschi and Luca Martinetti, offers account-to-account payments as an alternative to card networks like Visa and Mastercard. The company has raised approximately $350 million in total.
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