TrueLayer Secures $27M Investment from CDP Venture Capital to Scale European Pay by Bank Network

TrueLayer has secured a $27 million investment led by CDP Venture Capital to accelerate the adoption of its Pay by Bank network across Europe. For fintech professionals, this funding underscores the accelerating shift toward open banking-based payment alternatives and highlights Italy’s emergence as a critical engineering hub for continent-wide financial infrastructure.

What was announced

TrueLayer, the London-founded fintech established in 2016 by Francesco Simoneschi and Luca Martinetti, has closed a $27 million funding round. The investment was led by CDP Venture Capital, Italy’s primary venture capital operator, through its Large Venture fund, with participation from a consortium of both new and existing investors. The announcement precedes Simoneschi’s appearance at the Wave by Vento event in Turin on October 9. This capital injection is positioned as a "homecoming" for the Italian founders, whose company now operates in 22 countries and serves over 30 million European consumers.

TrueLayer’s core offering, Pay by Bank, utilizes European open banking infrastructure to facilitate instant, secure account-to-account payments. This model provides a direct alternative to traditional US-based card networks, aligning with broader European policy goals regarding strategic autonomy in financial services. The company’s operational footprint in Italy is substantial; approximately 25% of its total workforce—70 employees—is based in the country. Milan serves as one of TrueLayer’s primary engineering hubs, where teams develop products for the wider European market. TrueLayer has indicated that it expects to continue its recruitment efforts in the Italian market through 2027, further cementing Milan’s role in its technical strategy. High-profile clients already utilizing the network include major brands such as Ryanair and Just Eat.

"We started TrueLayer with a simple belief: Europe deserves payment infrastructure built in Europe. Having Italy back that belief means a great deal to us personally, especially to our talented team in Milan, who work hard every day to build the future of European payments.”

Francesco Simoneschi, co-founder and CEO of TrueLayer.

The companies involved

TrueLayer has established itself as a dominant force in the European open banking landscape since its inception eight years ago. While headquartered in London, the firm has maintained deep ties to the continent, positioning itself as a homegrown alternative to the legacy payment rails dominated by American giants. The company provides the technical interface that allows businesses to access bank data and initiate payments directly from consumer accounts, bypassing the complexities and fees associated with traditional card processing. FF News has featured the company in 98 previous reports, reflecting its high activity level in the sector.

CDP Venture Capital, the lead investor in this round, is a key subsidiary of the Cassa Depositi e Prestiti (CDP) group, an Italian investment bank under the jurisdiction of the Ministry of Economy and Finance. As Italy's leading venture capital operator, CDP Venture Capital’s involvement signals a strategic move to support high-growth technology firms with Italian leadership. This investment through its Large Venture fund, headed by Mario Branciforti, reflects a broader mandate to foster domestic talent and ensure that critical economic infrastructure, such as payment ecosystems, remains under European influence and control.

What FF News has reported before

FF News has tracked TrueLayer’s expansion closely. Most recently, the publication covered how TrueLayer and SumUp Launch Instant Pay by Bank Top-Ups Across Europe, a partnership aimed at streamlining account funding for small businesses. Earlier this year, the editorial team analyzed market trends through the lens of the company's proprietary information, reporting that TrueLayer Data Reveals 27% Surge in UK Retail Investment Funding Ahead of SpaceX IPO. This prior coverage highlights the company's dual role as both a payment facilitator and a significant source of data regarding European consumer spending and investment behavior.

What this means

This investment moves the needle by validating the maturity of open banking as a legitimate threat to the card-network status quo. By securing backing from a state-linked entity like CDP, TrueLayer is no longer just a disruptive startup; it is becoming part of Europe’s strategic economic architecture. The pressure is now squarely on traditional card schemes to justify their transaction fees as account-to-account payments reach a scale of 30 million users. The move also raises questions about whether other European nations will follow Italy’s lead in using sovereign-linked venture funds to support successful fintechs that initially sought capital in London, effectively reclaiming domestic talent for the broader benefit of the continental ecosystem.