UK data sharing outfit TrueLayer is to open an office in Australia as it seeks to take advantage of the country's forthcoming move to Open Banking.
The new Australian operation, which will act as a bridge for expansion across Apac, will be headed by Marie Steinthaler, previously head of new products at Zopa.
The move comes head of the introduction of a new Consumer Data Right (CDR) law in February 2020, which will pave the way for the arrival of Open Banking in Australia.
Says Steinthaler: “TrueLayer is entering Australia at the perfect time - Open Banking is set to explode much in the same way it has in the UK. We were at the forefront of this sea-change in Europe, and we are very excited to bring our developer-friendly API platform to Australia and the wider APAC region in quick succession."
TrueLayer offers a range of APIs for third party firms to access the financial data of their customers. Founded in 2016, the company recently established operations in Germany, France, Italy and Spain, launching payment initiation capabilities and partnering with companies including Monzo, Zopa, ClearScore, Plum, Emma, CreditLadder, Canopy, and Anna Money.
The launch in Australia follows a recent $35 million funding round led by Tencent and Temasek in June.