TrueLayer integrates with Starling Bank for Open Banking push
Fintech start-up TrueLayer has integrated with UK mobile bank Starling to enable businesses use TrueLayer to request access to account data held by the bank.
Founded in 2016, TrueLayer connects financial institutions and third-party applications over a secure application programming interface (API).
Starling Bank customers can now share their data and use a host of new personalised fintech products that are part of the TrueLayer’s ecosystem of financial applications, the company says. These include income verification tools, lending products and collated financial dashboards.
TrueLayer emphasises that account information will only be accessible when a customer explicitly consents to share their information, and consent can be reviewed and revoked at any time by the customer through the Starling app.
“Starling Bank has an incredibly positive attitude to Open Banking. This partnership will allow its customers to benefit from the raft of new fintech products and services that are launching,” comments Francesco Simoneschi, CEO and co-founder of TrueLayer.
Earlier, the start-up has partnered with Zopa and Monzo, and says it has seen a 20% week-on-week increase in connected bank accounts. A majority of end-users have asked for access to data from the challenger banks, and most specifically in Starling Bank, it adds.
“Hundreds of developers currently use TrueLayer, offering financial services such as lending, price comparison, account aggregation, and investing,” the company says.
It has also announced it will offer all not-for-profits and charities its product for free – following a partnership with not-for-profit credit union Clockwise.
TrueLayer was founded by serial entrepreneurs, Francesco Simoneschi and Luca Martinetti. It has raised $4.4 million from venture capital firms including Anthemis Group and Connect Ventures.