London-based open banking platform TrueLayer has closed a £90 million Series F funding round led by Addition, the venture firm founded by Lee Fixel, with significant participation from existing backer Northzone and new investor Greenoaks Capital. The round values the company at approximately £1.1 billion, cementing its status as one of the UK's open banking unicorns alongside Yapily and Bud Financial. CEO Francesco Simoneschi said the capital will accelerate the rollout of TrueLayer's instant payment network, which now processes transactions in 14 European markets.

The fundraise comes at an inflection point for the open banking sector, with account-to-account payments projected to reach £120 billion in annual transaction volume across Europe by 2027, according to Juniper Research. TrueLayer's network currently handles payments for major clients including Coinbase, Freetrade, and Paysend, offering merchants a lower-cost alternative to traditional card rails. The company has also launched a variable recurring payments product that enables subscription businesses to collect funds directly from customer bank accounts, bypassing card network fees entirely.

The round is notable for its timing, arriving as the European Commission prepares to finalise its Payment Services Regulation, which will mandate open banking access across all EU member states. TrueLayer has positioned itself as the infrastructure layer that both banks and fintechs will rely upon to comply with the new framework. Northzone partner Jeppe Zink said the investment reflects conviction that open banking is transitioning from an experimental technology to core financial infrastructure, and that TrueLayer is the best-positioned company to capture that shift across the continent.