UK-based fintech TrueLayer has received $35 million in funding from Chinese financial giant Tencent and Singaporean investment company Temasek, Business Insider writes. The company offers APIs that allow companies to access their customers’ banking details in a secure manner. It has UK challenger bank Monzo amongst its clients.
The startup is going to use the investment to further its European expansion, namely targeting France, Germany, and Italy. It is also planning to start operations in the Asia Pacific region.
The company has managed to raise $47 million in funding in three years. In previous rounds, TrueLayer received funds from Northzone, Anthemis Group and Connect Ventures.