London-based FinTech TrueLayer is collaborating with Visa, which also has a minority stake in the business.
Visa invested in TrueLayer’s $35mn Series C funding round in June which was led by Temasek and Tencent.
TrueLayer wants to enable open banking to a level where it impacts all aspects of finance.
The FinTech has launched payment initiation capabilities and partnered with the likes of Revolut.
What does this mean?
Visa will help the company scale open banking in line with its ambitions. The payments giant sees the partnership as an example of how it invests in companies offering ‘next generation’ services for customers enabling innovation and convenience.