TrueLayer wins USD $27 million backing from Italy's CDP

TrueLayer has secured a USD $27 million investment led by CDP Venture Capital, backed by Italy's largest venture capital fund, for the London-based payments company founded by two Italians.

The round also includes existing and new investors. It comes as pay-by-bank services gain wider use across Europe, with more than 30 million consumers now using the payment method.

Founded in London in 2016 by Francesco Simoneschi and Luca Martinetti, TrueLayer operates a pay-by-bank network in 22 countries and counts Ryanair and Just Eat among the businesses using its services.

Its main product lets consumers make payments directly from their bank accounts through open banking systems rather than card schemes. That positions the company in a growing part of the payments market as European policymakers and investors focus on regional control over financial infrastructure.

CDP Venture Capital, part of the Cassa Depositi e Prestiti group, describes itself as Italy's leading venture capital operator. It manages 15 funds with more than EUR €4.9 billion in resources, supporting companies at different stages through direct and indirect investments.

The funding also has a distinct Italian dimension for TrueLayer. Although the business is headquartered in London, about 70 employees are based in Italy, representing roughly a quarter of its workforce, and Milan is one of its main engineering centres.

The Milan base develops products used by businesses and consumers across Europe. TrueLayer expects to continue hiring in the city through 2027, underscoring Italy's importance to its product development and engineering work.

European focus

The deal comes as debate over Europe's payments infrastructure intensifies. Card networks remain dominated by large US groups, while open banking has created an alternative route for account-to-account payments that some European companies and policymakers see as strategically important.

TrueLayer's business is built around that model. By linking merchants and consumers directly to bank payment systems, the company aims to expand an alternative network rooted in European banking infrastructure.

For CDP Venture Capital, the investment serves both a broader policy and industrial objective and a venture return. The investor said the transaction reflects its view that Europe should develop and strengthen its own payment systems and wider economic infrastructure.

Simoneschi linked the fundraising to that argument and to the company's Italian roots.

"We started TrueLayer with a simple belief: Europe deserves payment infrastructure built in Europe. Having Italy back that belief means a great deal to us personally, especially to our talented team in Milan, who work hard every day to build the future of European payments," said Francesco Simoneschi, Co-Founder and Chief Executive Officer of TrueLayer.

The investment also gives CDP Venture Capital exposure to a payments company that says it has already reached scale across multiple European markets. Its network is used by more than 30 million consumers across the region.

Milan hub

Italy's role in the company is likely to be central to the investment case. While many European technology companies have concentrated engineering and product functions in larger hubs such as London, Berlin, or Paris, TrueLayer has built a sizeable presence in Milan.

That footprint may also appeal to a state-backed investor seeking to support domestic talent while backing companies with cross-border operations. Both founders are Italian, and the company presented the investment as a kind of return to its country of origin.

Mario Branciforti, Head of the Large Venture Fund at CDP Venture Capital, said the rationale for the deal rests on both sovereignty and execution.

"Europe needs payment infrastructure it owns and controls, and we are investing across the continent to help build it. TrueLayer is a clear example of what that looks like in practice, with a network already operating at scale in 22 countries. Our role is to back Italian talent, and the engineering team in Milan is developing the skills and the technology that will keep Italy at the centre of European payments for years to come."