TrueLayer, Europe's leading Pay by Bank network, has raised a US$27 million investment led by CDP Venture Capital, the venture arm of Italy's Cassa Depositi e Prestiti group. A consortium of existing and new investors also participated in the round, which was announced one day before CEO Francesco Simoneschi's appearance at Wave by Vento in Turin on Friday, October 9. The funding marks a homecoming for the company, which was founded in London in 2016 by two Italian entrepreneurs.
Strategic backing from Italy's venture leader
CDP Venture Capital is owned 70% by CDP Equity and 30% by Invitalia and manages 15 funds with more than €4.9 billion in assets. The investment reflects a shared belief that Europe benefits from developing and strengthening its own economic infrastructure and payment ecosystems. TrueLayer was founded by Francesco Simoneschi and Luca Martinetti and is now live in 22 countries, serving clients such as Ryanair and Just Eat.
A homegrown alternative to US card networks
TrueLayer's flagship Pay by Bank product lets consumers pay directly from their bank account instantly and securely using European open banking infrastructure instead of relying on US card networks. As policymakers and industry participants work to strengthen Europe's strategic autonomy in payments, the company offers a proven alternative already operating at scale. More than 30 million European consumers now use Pay by Bank across 22 countries.
Milan as a core engineering hub
Roughly 70 people, or about a quarter of TrueLayer's workforce, are based in Italy, and Milan serves as one of the company's core engineering hubs. The Milan team builds products used by businesses and consumers across Europe. TrueLayer expects to continue hiring in Italy through 2027, reinforcing the country's role in the company's long-term plans.
A strategic priority for Italy
CDP Venture Capital is part of the Cassa Depositi e Prestiti group, Italy's leading venture capital operator, and its backing carries strategic weight. The deal reflects public support for European financial infrastructure and Italian engineering talent. It also aligns with broader European efforts to reduce dependence on foreign payment networks.
Leadership perspectives on European payments
Francesco Simoneschi, co-founder and CEO of TrueLayer, said the company started with a simple belief that Europe deserves payment infrastructure built in Europe. He said having Italy back that belief means a great deal personally, especially to the team in Milan. Mario Branciforti, Head of the Large Venture fund at CDP Venture Capital, added that Europe needs payment infrastructure it owns and controls.
Market context and growth strategy
TrueLayer sits within a competitive Pay by Bank sector that includes Token.io, Volt, Nopan, and Banked, each of which has raised notable funding in recent years. The company has also expanded through acquisitions, completing its purchase of Swedish paytech Zimpler on March 3 and Dutch buy now, pay later provider in3 on May 29. Strategic investors include eBay Ventures, and the company lists Amazon and eBay as recent adopters of Pay by Bank.
The US$27 million investment from CDP Venture Capital signals growing public support for European-owned payment infrastructure. TrueLayer's scale, customer base, and Milan engineering hub position it as a meaningful participant in the continent's push toward open banking alternatives to US card networks. The broader test will be whether this backing marks the start of sustained public investment in Europe's Pay by Bank segment.