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Open banking fintech TrueLayer to open operations in Dublin

 

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TrueLayer develops open banking tools for banks and other fintech companies

TrueLayer develops open banking tools for banks and other fintech companies

TrueLayer develops open banking tools for banks and other fintech companies

Fintech company TrueLayer, which is backed by Chinese tech giant Tencent, has begun hiring for a new Dublin office as part of a greater push in Europe.

The British company develops open banking tools for banks and other fintech companies that allow them to link up services.

It is hiring auditors and legal personnel that will report to an Irish chief executive at the company. The office is expected to be up and running early to mid-next year. TrueLayer declined to comment on how many people will be employed in Dublin.

TrueLayer, which has raised over $70m (€59m), is part of a wave of start-ups in the open banking space. The sector has been driven by the EU payment rules that require that financial services companies allow other firms access to certain data.

This allows banking apps to link up with other services, for example, showing a user's balance from one bank in another app.

The company develops application programming interfaces (APIs), which are the intermediaries between different software programmes, and are the under-the-bonnet tech that makes open banking possible.

The recruitment in Dublin is the latest move for TrueLayer in Ireland. Earlier this year, it assisted Revolut with its open banking initiatives. Revolut is using TrueLayer's APIs to allow customers to link their accounts with services from AIB, Bank of Ireland, Ulster Bank and Permanent TSB.

In September, TrueLayer extended its partnership with another fintech firm, Sync, as it entered the Irish market. The money-management app is using TrueLayer's tech to aggregate Irish bank services for users.

TrueLayer, which raised a $25m series C round in September, counts Tencent and Singaporean government fund Temasek among its investors. It based in London with offices in Milan and Hong Kong.

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