Stripe-backed fintech TrueLayer launches payments product in EuropeVish Gainon April 12, 2022 at 10:42 Silicon RepublicSilicon Republic

0

TrueLayer, the UK-based open banking platform that has its European HQ in Dublin, is launching its closed-loop payments product in the continent as part of an international expansion.

In an announcement today (12 April), TrueLayer said that the payments product, which includes instant deposits, refunds and withdrawals and is currently used in the UK, will be launched in Ireland, France, Germany, Spain, Lithuania and the Netherlands.

The European expansion comes months after the Stripe-backed start-up chose Dublin as its European HQ last August, led by former WhatsApp and Facebook executives Joe Morley and Leigh-Ann Cotter.

Closed-loop cards are ones that can only be used to make purchases from a single company, and TrueLayer said that its latest product costs less and is more secure than traditional payment methods, including regular cards, manual bank transfers and digital wallets.

Till Wirth, head of product at TrueLayer, said that the platform can be used by European fintechs, banks, trading and e-commerce platforms, and even crypto exchanges, to create a better payment experience and improved customer loyalty.

“Our platform delivers instant deposits, withdrawals and refunds. Instant deposits enable our customers to achieve higher conversion rates, which improves customer acquisition,” he said. “In contrast, settlement and refunds with cards often takes three days or more.”

TrueLayer also says its product offers security in the face of rising card fraud in Europe, which amounted to €1.55bn in 2020. France, Germany and Spain – three countries TrueLayer is launching its product in – all ranked in the top five for card fraud losses, with UK at the top.

Wirth believes that TrueLayer’s biggest charm is the speed and security of its transactions. He cited a YouGov report that 37pc of investors said they would increase their deposits and 46pc would switch providers if the investment platform also allowed them to withdraw their funds immediately.

In September, TrueLayer achieved unicorn status after a $130m funding round backed by Stripe. The Irish-founded payments giant has invested numerous up-and-coming fintech ventures across the US and Europe, such as New York-based fintech Ramp last month.

10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.

The post Stripe-backed fintech TrueLayer launches payments product in Europe appeared first on Silicon Republic.

Leave a Comment