Tencent, Temasek Invest $35 Million in U.K. Open-Banking Startup

(Bloomberg) -- Chinese technology giant Tencent Holdings Ltd. and Singapore government-owned fund Temasek is to invest $35 million in London-based TrueLayer.

The three-year-old fintech startup sells open-banking software, which lets people share or aggregate their financial information from different providers.

Investors have been targeting U.K. fintech companies. SoftBank Vision Fund is injecting $800 million into U.K. fintech Greensill, while WorldRemit, a London-based technology company that helps expatriates and migrant workers send remittances back to their home countries, has raised $175 million in new funding.

TrueLayer is expected to use the funding to expand across Europe, with a goal of connecting most of the continent’s banks by the end of the year. Venture capital firms Northzone Ventures and Anthemis Group, both previous backers, will also participate in the new round. Including the new money, TrueLayer has raised $47 million to date.

In addition to the U.K., where TrueLayer serves new, digital-only bank Monzo as well as peer-to-peer lender Zopa, the company already has a presence in Germany, France, Italy and Spain.

©2019 Bloomberg L.P.

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