TrueLayer Reaches 30 Million Users as Open Banking Payments Scale Across Europe

TrueLayer has reached 30 million users across Europe, tripling its base in just 18 months. For fintech professionals, this milestone indicates that Pay by Bank has transitioned from an experimental open banking utility into a mainstream payment rail capable of supporting global giants like Amazon and eBay while challenging the long-standing dominance of traditional card networks.

What was announced

TrueLayer has reached a milestone of 30 million users across Europe, representing a tripling of its customer base since the end of 2024. The network is currently expanding by more than one million users every month, driven by the increasing adoption of Pay by Bank as a mainstream checkout method. Financial performance has kept pace with this user growth; in 2025, the company’s total payment volume (TPV) rose by 52% to exceed $85.5 billion. By April 2026, TrueLayer reported that its annualised TPV had reached $150 billion, with revenue growing 39% over the previous year.

The network now spans 22 countries and supports over 6,000 businesses. The Pay by Bank system allows consumers to complete transactions in seconds, authenticating payments via biometric security like Face ID or fingerprint recognition within their existing banking apps. This method provides instant refunds and allows merchants to settle transactions almost immediately, reducing the costs and fraud risks associated with traditional card rails. TrueLayer currently processes 247 million payments annually, representing more than 40% of all UK open banking volume.

Recent technical milestones include the June 2026 launch of "Bank on File," the industry’s first live recurring payment solution on bank rails. The company is also actively developing new capabilities to facilitate agentic commerce, where AI agents handle transactions on behalf of users. The company's expansion into the Nordics and the Netherlands through the acquisition of Swedish fintech Zimpler and Dutch firm In3 has made it the only network in Europe to offer both instant and pay-over-time options at the point of sale.

"TrueLayer has just turned ten. We spent that decade building the infrastructure, and 2025 was the year we assembled the complete network on top of it: debit, credit and recurring payments, all on bank rails. European payments are at an inflection point, and we are just getting started,"

Francesco Simoneschi, co-founder and CEO.

The companies involved

TrueLayer, headquartered in London, was co-founded by Francesco Simoneschi and Luca Martinetti. Over the past decade, the firm has evolved from an API provider into a dominant Pay by Bank network, now accounting for a significant portion of the UK’s open banking traffic. Its expansion strategy has been characterized by high-profile merchant partnerships and targeted acquisitions. The company recently integrated the Swedish fintech Zimpler to bolster its presence in the Nordic regions, and the Dutch firm In3 to incorporate flexible credit and "pay-over-time" options into its checkout stack.

The network’s utility is demonstrated by its adoption among global scale merchants. Amazon and eBay, two of the world’s largest e-commerce platforms, now utilize TrueLayer’s infrastructure to facilitate direct bank payments. In the aviation sector, Ryanair has also joined the network. Beyond commercial operations, TrueLayer maintains a relationship with the Financial Conduct Authority (FCA), having been selected for the regulator's Supercharged Sandbox. This initiative allows the company to develop and test advanced artificial intelligence applications, ensuring that its technological trajectory remains aligned with UK financial services standards and regulatory expectations.

What this means

The rapid scaling of TrueLayer suggests that open banking in Europe has finally reached a level of maturity where it can challenge the established order of global payments. By successfully integrating debit, credit, and recurring payments into a single bank-rail network, the company is positioning itself as a comprehensive alternative to the traditional card schemes. The real pressure now falls on legacy payment processors and card networks, who must contend with a system that offers merchants faster settlement and lower fraud risks. Furthermore, TrueLayer’s move into agentic commerce and AI-driven applications indicates that the next frontier of fintech will be defined by automated, invisible transactions that bypass traditional user interfaces entirely.