TrueLayera computer software company that will allow companies to take advantage of a new Open Banking initiative in the UK, will expand its operations into the Australian market.
TrueLayer has recruited Brenton Charnley to lead its expansion into the Australian Fintech sector. Charnley is the founder Alpha39 Insurtech Advisory and former Chief Operating Office in Sydney based Genius covers.
Founded in 2016, TrueLayer is one of several initiatives that have been introduced after the UK released its Open banking guidelines. The company aims to offer a platform for Fintech companies, app developers and retailers where they can access bank APIs. The TrueLayer platform allows users to securely share their clients’ banking information and other financial details.
Australia appears to be following the UK in implementing a business-friendly Open Banking policy. TrueLayer (like many other companies) is now planning to set up an operation in Australia which has a fast growing Fintech sector. As of July 2020, the Consumer Data Rights Act makes it easier for Australians to share banking and other financial data with third parties securely.
Australia made another change to its Open Banking rules (this month). Updated rules will now allow accredited or qualified third parties such as TrueLayer to obtain customer financial data on behalf of other accredited companies.
TrueLayer plans to officially launch its service in 2021. Charnley will be responsible for setting up the company’s business operations in Australia. Fintech companies must obtain accreditation from the Australian Competition and Consumer Commission or ACCC. TrueLayer will also be focused on supporting its business partners as they start operating in the country.
Charnley will join TrueLayer of the multinational Cover Genius Insurtech API platform. He has also worked on several other projects during his career including his role as founder of industry body Insurtech Australia.
“I am honored and excited to join TrueLayer at this important time for Open Banking in Australia. This gives consumers the opportunity to take control of their banking data and makes it more convenient to make payments from their favorite apps or websites. “
Last month, TrueLayer secured $ 25 million through its Series C rounds. The company confirmed that the investment took the total amount raised to $ 72 million.
TrueLayer describes itself as a technology company providing secure global access to financial infrastructure. Developers use enterprise APIs to build products that securely access data and initiate real-time payments.
TrueLayer is connected to major financial institutions around the world. It is backed by large VC investors and its services are trusted by established Fintech companies such as Monzo, Revolut, and Zopa.
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