TrueLayer, a London-based open banking platform, has opened its new European headquarters in Dublin. The company has been authorised by the Central Bank of Ireland (CBI), enabling it to incorporate payment processing into its open banking network and better serve its customers in Europe.

TrueLayer has expanded across 12 European markets since mid-2020 and has grown its payment values by 600%. According to a company press release, TrueLayer’s banking platform now covers more than 90% of all major European markets, and accounts for more than half of all open banking traffic in the UK, Ireland and Spain.

Joe Marley, vice-president and general manager for Europe, explained in an interview why the company chose Dublin for its European headquarters, stating: “Ireland has a reputation as a leading global tech hub, so it was the natural choice for us. It is already home to 20 of the world’s top 25 financial services businesses – and the likes of Coinbase, Stripe and Remitly. A number of our global clients are also based here, including Paysafe and Payoneer.”

Francesco Simoneachi, chief executive officer of TrueLayer, added: “When we began our search for a European headquarters, we wanted a location that mirrored much of what made the UK such an exceptional base for us – a strong regulator, in an established global financial services centre that embraces fintech and digital innovation. Ireland was ideal, with the CBI’s regulatory regime broadly similar to the UK, and Dublin being a thriving centre for payments and e-commerce.”

Founded in 2016, TrueLayer has raised $124m (€104.79m) in funding to date and has additional offices in Milan, Berlin and Canberra.