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.

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.