TrueLayer moves into Australia after ACCC approval

London-based fintech start-up, TrueLayer, is launching its global open banking platform in Australia and has promoted Brenton Charnley to CEO of Australia and New Zealand.

This follows the Australian Competition and Consumer Commission's approval of TrueLayer as an unrestricted accredited data recipient under the Consumer Data Right (CDR).

The CDR enables customers to share their transaction, usage and product data with service competitors and comparison services, if they choose to do so.

TrueLayer’s local subsidiary will also become a Corporate Authorised Representative of Amplus Global, an Australian Financial Services Licence holder.

According to TrueLayer, its open banking platform is backed by proven, market-leading data and payments APIs that currently process more than half of all open banking traffic in the UK, Ireland and Spain.

TrueLayer’s open banking platform will harness the core functionality of the CDR to power both mainstream and emerging use cases, supporting financial and non-financial firms to offer market-leading financial experiences.

It will do this across lending, wealth management, personal finance management apps, digital banking and e-commerce.

“We have built a solid foundation in Australia and now we’re ready to launch and accelerate our growth,” says Charnley.

Charnley joined TrueLayer in Sydney in October 2020 to establish its local Australian operations, work with various regulatory entities to obtain licences, build the team and product capability, and position the brand.

New Zealand is also a focus for TrueLayer, which is actively recruiting to grow its teams in Sydney, Melbourne and Auckland.

“We founded TrueLayer with the belief that open banking would be a catalyst for meaningful, long-term change in financial services. What began in the UK and Europe has now been embraced by Australia through the CDR,” says Francesco Simoneschi, CEO and Co-Founder of TrueLayer.

“TrueLayer’s combination of a local presence with our international network means we can work with local firms and European businesses looking to launch in the country. It’s an incredibly exciting time with the opportunity to help firms embrace open banking capabilities and build innovative services that will better meet the financial needs of consumers and businesses throughout Australia and New Zealand.”

Earlier this month, the company said it had raised US$130 million from investment firm Tiger Global Management and payments technology provider Stripe in a funding round that valued the company at more than $1 billion.

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