Key Takeaways
- • A consortium led by CDP Venture Capital invested EUR 23 million in TrueLayer, the UK-based Pay by Bank network, according to The Paypers. Other outlets report the round at approximately $27 million.
- • The lead investor is an Italian asset manager within the Cassa Depositi e Prestiti (CDP) group, owned 70% by CDP Equity and 30% by Invitalia, which manages 15 funds with more than EUR 4.9 billion in resources.
- • Roughly 70 people, about a quarter of TrueLayer's workforce, are based in Italy, where its Milan office operates as a core engineering site with hiring expected to continue through 2027.
- • TrueLayer is live in 22 countries, counts Ryanair and Just Eat among its clients, and says more than 30 million European consumers use its network.
- • The investment reflects CDP Venture Capital's strategy of building regional payment infrastructure as European policymakers pursue strategic autonomy in payments and reduced reliance on US card networks.
Summary
A consortium of existing and new investors, led by CDP Venture Capital, has invested EUR 23 million in TrueLayer, the UK-based Pay by Bank network, according to The Paypers. Other outlets report the round at approximately $27 million. The lead investor is an Italian asset manager within the Cassa Depositi e Prestiti group, owned 70% by CDP Equity and 30% by Invitalia, which manages 15 funds with more than EUR 4.9 billion in resources.
TrueLayer was founded in 2016 by Italian founders Francesco Simoneschi and Luca Martinetti. The deal brings domestic Italian backing to a company with a substantial local presence. Roughly 70 people, about a quarter of its employees, are based in Italy, making it one of TrueLayer's main bases outside the UK. Its Milan office operates as a core engineering site, and recruitment there is expected to continue through 2027. In a statement, Simoneschi, who is also chief executive, described the investment as personally meaningful for the business and its engineers. He linked it to the founders' original aim of building payment infrastructure in Europe for European users.
Pay by Bank allows shoppers to settle purchases directly from their bank accounts in real time over European Open Banking infrastructure, without relying on US card schemes. For merchants, it offers an account-to-account alternative to card acceptance. TrueLayer is live in 22 countries, counts Ryanair and Just Eat among its clients, and says more than 30 million European consumers use its network. Its products combine instant bank transfers with financial and identity data, enabling businesses to onboard users, collect funds and issue payouts.
For CDP Venture Capital, the investment reflects a view that Europe benefits from developing its own economic infrastructure and payment ecosystems. Policymakers and industry participants across the continent are working to strengthen strategic autonomy in payments, and the TrueLayer deal is positioned within that effort.
TrueLayer was founded in 2016 by Italian founders Francesco Simoneschi and Luca Martinetti. The deal brings domestic Italian backing to a company with a substantial local presence. Roughly 70 people, about a quarter of its employees, are based in Italy, making it one of TrueLayer's main bases outside the UK. Its Milan office operates as a core engineering site, and recruitment there is expected to continue through 2027. In a statement, Simoneschi, who is also chief executive, described the investment as personally meaningful for the business and its engineers. He linked it to the founders' original aim of building payment infrastructure in Europe for European users.
Pay by Bank allows shoppers to settle purchases directly from their bank accounts in real time over European Open Banking infrastructure, without relying on US card schemes. For merchants, it offers an account-to-account alternative to card acceptance. TrueLayer is live in 22 countries, counts Ryanair and Just Eat among its clients, and says more than 30 million European consumers use its network. Its products combine instant bank transfers with financial and identity data, enabling businesses to onboard users, collect funds and issue payouts.
For CDP Venture Capital, the investment reflects a view that Europe benefits from developing its own economic infrastructure and payment ecosystems. Policymakers and industry participants across the continent are working to strengthen strategic autonomy in payments, and the TrueLayer deal is positioned within that effort.
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