Truelayer raises £27.49 million Series C investment from Tencent and Temasek

  • UK fintech TrueLayer is receiving funding from Chinese financial giant Tencent and Singaporean sovereign wealth fund Temasek.
  • The $35 million funding round which closed Tuesday is set to help fuel the company’s expansion further into Europe and Asia.
  • It’s part of a burgeoning area of profitability for Tencent which has boosted its fintech portfolio to great effect in recent years.

UK fintech received another boost after open banking startup TrueLayer won support from two major Asian investors.

The $35 million in funding comes from Chinese financial giant Tencent and Singaporean sovereign wealth fund Temasek and means the company has secured $47 million in funding in just three years. The investment is expected to fund the company’s expansion into Europe with plans to develop further into France, Germany, and Italy.

Tencent’s investment in TrueLayer comes just days after it published its quarterly earnings which revealed that its fintech investments have helped generate a record $2.5 billion profit, up 44%, according to Reuters.

The company has also noted its plans to expand into the Asia Pacific region, making investment from sovereign wealth funds like Singapore’s Temasek increasingly important.

TrueLayer was founded in 2016 by Francesco Simoneschi and Luca Martinetti with their platform providing open-banking software allowing people to share or aggregate their financial information from different providers.

The company works with UK neo-bank Monzo and has previously received funding from VCs such as Northzone, Anthemis Group and Connect Ventures. Open banking and PSD2 have been major boons to companies like TrueLayer which leverage APIs (application programming interface) to integrate services with their customers.

It’s part of a push by investors into UK fintech after SoftBank’s recent funding of supply chain finance provider Greensill Capital and WorldRemit’s recent $185 million funding round.

Source: completes £18.95 million Series B funding round at a $100m valuation completes funding round at $100m valuation
● British AI company successfully completes Series B funding round at a post-investment valuation of $100m. Backers, including Mandatum Life, Pearson, RB Capital, and Tencent, invested $24m.
●’s generalised decision-making AI technology is being rolled out for deployment in financial services, logistics and education during 2019.
● This investment from a wide range of global and corporate strategic investors will accelerate the product development and application of VUKU,’s decision-making platform built over the last three years.

Cambridge, UK, 20 May 2019 –, the leading artificial intelligence platform for decision-making, has raised $24m from new and existing investors, valuing the company at $100m. The investors involved in the round include Amadeus Capital Partners, Atlantic Bridge, Cambridge Innovation Capital, Mandatum Life, Passion Capital, Pearson, RB Capital, SGInnovate, and Tencent.

These strategic partnerships and funds will be used to support’s recent product expansion and growth, with the company continuing to expand into a wide range of industry verticals, including finance, logistics and education. continues to define the AI decision-making market, developing the world’s first technology that can help businesses and organisations make better decisions in processing dynamic, real-time data in complex and uncertain environments.’s core platform, VUKU, is being applied to managing logistics decisions, allocating resources, and assisting financial decisions in asset management.

It is founded on a unique, integrated approach – combining branches of mathematics, engineering and economic theory. While traditional approaches to problem-solving often rely on machines learning from vast, historic data sets,’s is data efficient, and learns in real-time. Based in Cambridge, one of the world’s leading centres of AI research, has built a world-class team of mathematicians and engineers.

“This investment is a huge sign of confidence in our efforts to be at the forefront of how enterprises use machines,” commented Vishal Chatrath, CEO of “Having initially focused on developing our AI platform, we are excited to be expanding our product offering into new verticals, underscoring the flexibility and innovative nature of our core technology. We’re excited to be supporting global corporate and financial leaders like Mandatum Life, Pearson, RB Capital and Tencent with AI tools that enable people to make better decisions.”

Kishin RK, CEO of Singapore based RB Capital Group, said: “RB Capital has been making a number of strategic investments in cutting edge, transformational technologies that will revolutionise how we understand consumers in the business of real estate, hospitality and retail.

Implementation of the VUKU engine will ensure we lead efficiency, stay relevant and remain at the helm of emerging business and consumer trends.”

Dr Ling Ge, Chief European Representative at Tencent, said: “The UK is a global leader in AI and is increasingly becoming a focus for companies looking to invest in the sector.’s data-efficient approach and focus on human-machine teaming really set it apart. We are looking forward to applying its AI decision platform to a broadening range of customers, potentially including some of Tencent’s affiliate companies.”

Lauri Vaittinen, SVP at Mandatum Life added: “ is on its way to becoming a true enterprise AI platform — successfully expanding from its initial focus on financial services and logistics to apply its core AI technology to multiple adjacent market segments. We are confident that the strategic partners, alongside the existing funding support, will help the company accelerate practical implementations – including hiring more engineering talent, operational managers and reinforce the product development expertise.” was founded by mathematicians and engineers following years of research into machine intelligence, probability theory and multi-agent problems. Founded in 2016, it now has 110 employees from 29 countries.

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About’s mission is to help turn dynamic, real-time data into optimal decisions about business problems. Our AI-engine, VUKU, can process moving data in real time, adapt to uncertainty, act on sparse information and learn from experience. It is data efficient not data hungry, so does not need big data sets to be effective – and is designed to have broad application across multiple sectors. It has been built by a world-class team in Cambridge – combining mathematics, engineering and economic theory in
ways never undertaken before. We are committed to ensuring our AI is comprehensible and its outcomes can be trusted. Our goal is to ensure business is powered by people; empowered by AI.