UK fintech TrueLayer raises $50M, said to lose unicorn status

TrueLayer Ltd. raised $50 million in an extended funding round as the British fintech works toward its profitability goal.

The latest funding round, led by Sweden-based Northzone Ventures, was an extension of a series E round, where the company raised $130 million.

However, the latest fundraising cut TrueLayer's valuation to about $700 million from the $1 billion at which it was valued in 2021, Bloomberg News reported, citing a person familiar with the matter. This meant Truelayer lost its unicorn status, according to the report.

TrueLayer is a pay-by-bank payments company that processes more than $50 billion in total payments volume and 150 million transactions annually. Its customer base includes fintech giants such as Revolut, Zopa, Coinbase and Robinhood.