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Revolut and TrueLayer Team Up to Ease Access to Open Banking Data

TrueLayer, provider of financial APIs, has integrated with Revolut to enable the secure access of financial data via open banking, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

Money management app, Emma, will be one of the first companies to use the new integration. Emma’s customers will now be able to use their Revolut account information to track their spending in real time.

Account information will only be accessible when a customer chooses to use a new product and actively agrees to share their information.

Francesco Simoneschi, CEO and co-founder of TrueLayer, said: “We’re increasingly seeing how open banking is uniting successful companies so that they can offer more and more great services to consumers.”

Edoardo Moreni, CEO and co-founder of Emma, added: “Our users can now have access to all their balances, see the exact conversion in pound and manage their money like never before.”

TrueLayer’s partnership is its latest milestone in 2019, with the recent announcement of a $35 million funding round led by Tencent and Temasek.

It recently expanded across Europe to Germany, France, Italy and Spain, the launch of payment initiation capabilities and partnerships with companies including Zopa, ClearScore, Plum, CreditLadder, Canopy, and ANNA Money.

Revolut demonstrated its platform at FinovateEurope 2015. Founded in 2013 and based in London, U.K., the company has raised more than $336 million in funding. Future Fifty, DST Global, and Draper Esprit are among the firm’s investors.