Slipped below unicorn status in a late-2024 down round at a ~$700M valuation
The rise & fall
5 moments · 2016–2024
The key moments, with employee sentiment along the way.
2016
🌱
2016
Founded in London
Open-banking rails: bank-to-bank payments and account data across Europe.
Sifted
2021
📈
2021
The peak: a $130M round crowns an open-banking unicorn$1B
Tiger Global leads, Stripe invests, and the open-banking hype hits a $1B valuation.
Sifted
2022–24
2022–24
Fintech funding sours
Losses stay heavy as the venture market turns, even while payment volumes keep growing.
Sifted
2022–24
💬
From the inside · Glassdoor reviews, 2022–24
After a pandemic-era hiring spree, Glassdoor reviews described several layoff rounds and the closure of the Australian office, tighter cost control, and leadership reversing course on strategy and return-to-office with little consultation.
2024
💔
2024
Slips out of the club in a down round$700M
A ~$50M Series E extension led by Northzone values TrueLayer around $700M — volumes growing, valuation shrinking.
Sifted
💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.
How it happened
TrueLayer is a London-based open-banking platform that lets businesses make bank-to-bank payments and access account data across Europe. It rode the open-banking hype to a $1B unicorn valuation in 2021 on a $130M round led by Tiger Global, with Stripe also investing, but kept losing money heavily as funding soured.
A late-2024 Series E extension led by Northzone raised about $50M at a roughly $700M valuation — a down round below the unicorn line, even as payment volumes grew.
Source: Sifted / Crowdfund Insider / Orrick (UK open-banking payments platform; reached a $1B unicorn valuation in 2021 on a $130M round led by Tiger Global with Stripe; persistent losses; a late-2024 Series E extension led by Northzone valued it at ~$700M, a down round below unicorn status)
