As part of the agreement, Visa participated in TrueLayer’s $35 million investment round which closed in June and was led by Temasek and Tencent.

Francesco Simoneschi, CEO and co-Founder of TrueLayer, said: “This relationship represents a huge step forward in the development of the Open Banking economy at a global scale. Visa has been the first ‘FinTech’ company to actually create a unique ecosystem and value chain among banks, merchants and their customers. We believe that Open Banking will follow a very similar playbook in the next decade and it is such a privilege to be able to learn and work closely with Visa’s team.”

Mark Nelsen, SVP, Open Banking, Visa said: “As a global leader in payments, we continue to explore new opportunities for our clients and for the network. Our partnership with TrueLayer is another example of how we’re investing in companies that offer next generation services, enabling innovation and convenience for clients and consumers alike.”

The agreement with Visa is TrueLayer’s latest milestone, with the startup recently closing a $35 million funding round, expanding across Europe to Germany, France, Italy and Spain, launching payment initiation capabilities and partnering with companies including Revolut, Zopa, ClearScore, Plum, Emma, CreditLadder, Canopy, and ANNA Money. TrueLayer was also recently selected by the UK’s Department of International Trade to pilot its FinTech bridge programme for international expansion alongside Seedrs and TransferWise to Australia.