TrueLayer

E-money or payment institution · London, United Kingdom

TrueLayer Limited is a London open banking company authorised by the FCA as an electronic money institution under firm reference 901096, with an Irish payment institution licence held by TrueLayer (Ireland) Limited for the EEA. It sells Pay by Bank, an account-to-account payment method that moves money straight from a shopper's bank account to a merchant, plus payouts, refunds, bank account data and identity checks, all through APIs. In 2024 it processed 188 million transactions worth more than USD 56 billion and earned revenue of GBP 20.3 million while losing GBP 38.6 million before tax. It names Coinbase, Revolut, Trading212, Remitly, Flutter Entertainment, Entain, William Hill, Ryanair, Uber and Just Eat as customers. TrueLayer is not a bank: no accounts, cards, credit or FX.

Legal name: TrueLayer Limited
Regulated by: FCA (UK authorised electronic money institution 901096, with AIS and PIS permissions), Central Bank of Ireland (TrueLayer (Ireland) Limited, payment institution)
Licence confirmed: yes, on a regulator's own list
Established: 2016
Website: truelayer.com

Scores, 0 to 10

8.0Crypto-friendly bank

Names Coinbase as a customer in its audited report and runs a crypto industry line offering fiat on-ramp deposits, off-ramp payouts and Signup+ verification for exchanges. · source

8.0Fintech companies that need a partner bank

Supplies open banking payments and payouts to regulated firms, naming Revolut, Trading212, Remitly and Nutmeg (JP Morgan) as customers in its audited report. · source

8.0High-risk verticals (iGaming, cannabis, adult, forex)

Says it serves more than 100 of Europe's iGaming brands and names Bet365, Smarkets, Flutter Entertainment, Entain and William Hill; policies on adult content and cannabis are not published. · source

7.5United Kingdom

FCA authorised electronic money institution 901096 with AIS and PIS permissions, processing more than 40 percent of all UK open banking payments. · source

6.5Europe (EU, EEA, Switzerland)

TrueLayer (Ireland) Limited holds a payment institution licence from the Central Bank of Ireland, and TrueLayer runs country sites for Ireland, France, Germany, Spain, Italy and Sweden. · source

6.5Lowest fees

Says Pay by Bank costs up to 50 percent less than card payments, but publishes no rate card; the pricing page on truelayer.com returns a 404 and prices are quoted on request. · source

6.5On-ramp: buy crypto with fiat

TrueLayer's crypto line builds open banking fiat deposit flows for exchanges, with Coinbase's EMEA regional managing director quoted as a partner; it moves customers' fiat into exchanges rather than giving a company its own route to buy crypto. · source

6.5Off-ramp: crypto to fiat in a business account

The same crypto page offers exchanges off-ramp payouts back to customers' bank accounts over open banking rails in the UK and EU; it does not sell crypto itself. · source

5.5Online businesses: e-commerce and SaaS

Ecommerce payment transactions grew almost fivefold in 2024, with Lastminute.com, Ryanair, Uber and Just Eat named as live merchants. API-first payments, payouts and a developer console, but no receiving accounts, no USD, no accounting integrations and no financing for software companies. · source

5.0Fast digital onboarding

Sandbox merchant accounts in GBP and EUR come with the developer console by default, but the documentation says production merchant accounts require contacting TrueLayer and no time to go live is published. · source

4.0Startups & VC-backed companies

TrueLayer publishes no startup programme, financing or pre-revenue path; the only free entry point is the sandbox in the developer console and production access goes through its team. · source

3.5Financial strength & stability

Unrated and loss-making: GBP 38.6 million pre-tax loss in 2024, accumulated losses of GBP 234.8 million and GBP 46.4 million of cash at 31 December 2024. · source

3.5Customer satisfaction

Trustpilot 2.0 out of 5 with 64 percent one-star reviews, from a small base of 44 reviews. · source

3.0Cross-border payments, FX and multi-currency accounts

Transactions are limited to GBP and EUR with one merchant account per currency, and TrueLayer sells no currency conversion or FX product. One merchant account per currency per client, GBP and EUR only, with sweeping to a business account; no cash pooling, hedging or multi-entity structure. · source

3.0Foreign-owned & non-resident companies

TrueLayer publishes no policy on foreign-owned or non-resident merchants; production access is granted case by case after contacting the company, and it operates in the UK and EEA. · source

1.5Best interest on business balances

Merchant funds are safeguarded in segregated accounts under the Payment Services Regulations and TrueLayer publishes no interest, savings or sweep product. · source

1.0Trade, manufacturing & import-export

No letters of credit, guarantees or supply-chain finance; the products are payments, payouts, refunds, account data and identity checks. · source

1.0Business cards (Visa, Mastercard)

TrueLayer issues no cards at all; Pay by Bank is positioned as the alternative to card networks. · source

1.0Crypto wallet and custody for a business

TrueLayer is an FCA e-money and payment institution for fiat pay by bank; its crypto industry page and product list show no crypto holding or custody, checked September 2026. · source

1.0Accept crypto payments

Merchants can take pay by bank in fiat through TrueLayer, including Shopify and Magento plug-ins, but it offers no crypto or stablecoin acceptance, checked September 2026. · source

1.0Bitcoin

No bitcoin buying, holding or transfer is offered; TrueLayer handles fiat legs only, checked September 2026. · source

1.0Ethereum

No ether or token service is offered; TrueLayer handles fiat legs only, checked September 2026. · source

1.0Stablecoins (USDC, USDT and others)

No stablecoin accounts, payouts or conversion were found; its only stablecoin material is a 2022 explainer blog post, checked September 2026. · source

Sources

Built on public information and the BankStore team's own aggregated experience; no confidential client or partner data. Bank Index and BankStore are not banks. This is information, not financial advice.