Temasek and Tencent to Invest US$35 Million in TrueLayerby Fintech News Singapore June 5, 2019
Tencent and Temasek is set to invest US$ 35 Million in UK-based open banking startup True Layer’s US$40 Million Series B round. This fresh round of funding brings the startup’s total funding to US$ 51.8 Million, according to Crunchbase.
Temasek’s participation in this round is consistent with its earlier plans to diversify further into fintech, notable past investments include — GO-JEK, Ant Financial, and PolicyBazaar,
Founded in 2016, TrueLayer’s solution addresses a growing demand for open banking as regulators around the world are increasingly embracing this concept. Locally, banks like DBS and OCBC are demonstrating to the global community, that Singapore is leading the way in open banking in Asia.
According to a Bloomberg report, TrueLayer will be using the newly secured funds to fuel their Europe expansion.
Image Credit: Temasek