TrueLayer raised $50 million as part of its $130 million Series E funding round.

The mentioned company intends to spend the funds received to further grow its pay-by-bank network. Currently, the firm processes payments totaling over $50 billion per year, 150 million transactions over the corresponding period, and 1 million variable recurring payment operations per month. The relevant information is contained in the company’s press release.

TrueLayer co-founder and chief executive officer Francesco Simoneschi said that reaching the current scale and position required a lot of time, capital, and commitment. According to him, the company has managed to build a unique ecosystem that connects banks, consumers, and merchants. He also noted that the investments received will allow the firm to continue to challenge the status quo in the payments area and expand its presence in sectors such as e-commerce.

The press release contains information according to which TrueLayer’s network of open banking services operates in 21 European countries and has 10 million users. This network combines bank payments with financial and identification data in real time. The corresponding solution allows consumers to make virtual payment transactions smarter, safer, and faster.

Last year, the company’s revenue doubled. This result is because the firm has expanded its customer base and strengthened partnerships across the industry.

The press release notes that the latest round of financing for the company was led by Northzone.

As we have reported earlier, VC Company Patron Raises $100 Million.