TrueLayer Raises $27m From CDP Venture Capital to Push Into Italy

UK open banking payments company TrueLayer has secured a $27 million investment led by CDP Venture Capital, one of the largest venture capital firms in Europe, as it targets growth in the Italian market.

The funding round, confirmed in a company statement, follows a string of acquisitions and growth-focused initiatives at the London-based firm. TrueLayer will use the capital for two purposes: developing its Pay by Bank technology for account-to-account payments, and funding a new hiring drive.

The Italian connection is central to the deal. CDP Venture Capital is the investing arm of Cassa Depositi e Prestiti, the Italian public development bank, and manages €4.9 billion in assets.

TrueLayer was founded in London in 2016 by two Italian nationals: Francesco Simoneschi, who leads the business as CEO, and Luca Martinetti, who serves as CTO.

Why does Italy matter to TrueLayer?

Roughly a quarter of TrueLayer's 280-strong workforce is already based in Italy. The company describes Milan as "one of its core engineering hubs" and says it will "continue hiring there in 2027", according to a company statement.

The new capital positions TrueLayer to press that advantage. Its last major investment before this round came from eBay Ventures in February this year, for an undisclosed sum.

What is the company's funding history?

TrueLayer's backing traces back to a $130 million Series E in 2021, led by Tiger Global Management, which elevated the firm to unicorn status. Northzone led a $50 million extension of that round in 2024.

Beyond CDP Venture Capital, the investor base includes:

• Connect Ventures
• Anthemis Group
• Temasek Holdings
• Mouro Capital
• Tencent
• Addition
• Stripe

How has TrueLayer been expanding?

The company has executed a series of moves in recent months aimed at broadening both its payments platform capabilities and its international footprint.

These include the acquisitions of Nordic competitor Zimpler and split payments company In3. TrueLayer also promoted former PTSB executive Pamela Fegan to Ireland CEO and European general manager.

With $27 million in fresh capital and a committed hiring pipeline in Milan running through 2027, TrueLayer is now placed to scale its account-to-account payments platform across European markets — with Italy as the launchpad.