TrueLayer

TrueLayer charges merchants a per-transaction fee for account-to-account payments processed through its API. Because the model bypasses card networks, the firm can price beneath interchange-fee-based structures while retaining margin. It also monetizes add-on modules for identity verification and transaction data enrichment.

TrueLayer is a regulated payments institution — it holds licenses to initiate payments and operate accounts but does not take deposits or lend. Functionally, it acts as a payments network that substitutes open banking rails for traditional card infrastructure at the point of checkout.

The firm’s core market is the United Kingdom, with active operations across Continental Europe. TrueLayer has publicly announced expansion into Poland to deepen its European footprint, though a full country-by-country list of live markets is not published.

TrueLayer targets five named verticals: ecommerce, iGaming, financial services, travel, and crypto. Each vertical gets tailored product combinations — for example, a signup-to-funded-account flow for iGaming and fiat on/off-ramp APIs for crypto platforms.

The firm removes card details from the payment flow entirely — consumers authenticate via biometric login inside their own banking app. TrueLayer also vets and onboards merchants itself, adding a counterparty-screening layer. Because no card data enters TrueLayer’s system, card-not-present fraud and chargebacks do not apply.

That velocity metric reflects the rate at which end-consumers link their bank account to a merchant through TrueLayer’s interface for the first time. The company publishes the number as a proxy for network growth, distinct from transaction count or gross payment volume, neither of which it discloses.