TrueLayer, a leading open-banking payments network, announced in May 2025 that it processed over $10 billion in payment volume during April – exceeding $100 billion on an annualised basis. This was its largest month ever, underscoring the platform’s rapid adoption. The milestone demonstrates that open-banking “pay by bank” transactions have begun to achieve mainstream scale, providing a viable high-volume alternative to traditional card payments. In essence, TrueLayer’s $10B month signals that the open banking infrastructure has matured to support enterprise-scale transaction volumes.
User Adoption Is Fueling a Network Effect
TrueLayer’s growth has tracked rising consumer uptake of open banking. By early 2024, roughly 1 in 7 digitally active banking customers in the UK had used an open banking payment method. TrueLayer itself added roughly 500,000 new users per month in Q1 2025, reaching about 13 million active users by April. This momentum creates network effects: as CEO Francesco Simoneschi notes, “consumers and merchants are moving to pay by bank en masse.” In practice, more retailers and fintech apps are now offering “Pay by Bank” options (for example, online groceries, travel, and ticketing sites), further reinforcing adoption as customers seek secure, instant payments.
“Consumers and merchants are moving to Pay by Bank en masse. Open banking is no longer an experiment – it’s infrastructure.”
— Francesco Simoneschi, CEO & Co-founder, TrueLayer
TrueLayer’s Share of Open Banking Payments Across Key European Markets
Open banking is growing quickly in Europe, and TrueLayer is leading the charge. This chart shows how much of the payment traffic in each country runs through their platform. From dominating in France to gaining ground in the UK and Ireland, it’s a strong signal that local focus and a reliable product can win big.
Reliability at Scale: The Technical Backbone
Scaling to $10 billion per month required rock-solid infrastructure. TrueLayer now spans 21 countries, interfacing with hundreds of bank APIs under PSD2. Its cloud-native platform handles real-time clearing (e.g. Faster Payments in the UK, SEPA Instant in Europe) with sub-second response times. Key features – such as instant refunds and robust fraud monitoring – are built in to maintain trust and performance. As Simoneschi observes, “scale is everything… we are an infrastructure business”, highlighting that growth was achieved by heavy investment in reliability. The results show up in market share: TrueLayer today processes roughly 40% of the UK’s open-banking payments (about 80% in France), proof that its platform handles industry-wide volumes.
Strategic Partnerships as a Growth Catalyst
TrueLayer’s surge has also been driven by strategic expansion and partnerships. The firm now supports open banking across all major European markets and has even recruited a Chief Strategy Officer to accelerate global rollout. A flagship deal was with Stripe: in 2024 Stripe selected TrueLayer as its open-banking partner in the UK, adding “Pay by Bank” to Stripe’s payment stack. This instantly gave thousands of merchants on Stripe the option to accept bank payments. At the same time, TrueLayer’s client roster includes major fintechs and brands – customers such as Coinbase, Revolut and William Hill all rely on its API – further widening the network. These alliances reinforce each other: as more banks, platforms and merchants join TrueLayer, transaction volume grows and the value of the network rises.
Key Takeaways for Fintech Startup Leaders
What can other fintechs learn from TrueLayer’s rapid rise? Here are six strategic lessons for startup leaders navigating growth, scale, and adoption in today’s open banking landscape.
- Open banking has hit critical mass: TrueLayer’s $10B milestone proves that “Pay by Bank” has matured into a scalable, mainstream alternative to card payments—especially in the UK and Europe.
- Infrastructure is your product: If you’re in the fintech infrastructure space, reliability, speed, and compliance must be non-negotiable. TrueLayer’s scale was built on sub-second response times, high uptime, and secure data flows.
- Volume is king: Success in low-fee, high-frequency transactions (like open banking payments) demands scale. Design your business model and technology stack to grow fast without breaking.
- Partnerships multiply growth: Strategic integrations—like TrueLayer’s deal with Stripe—can fast-track distribution and credibility. Prioritize partner ecosystems as part of your go-to-market strategy.
- Use cases drive adoption: From online retail to gaming and crypto, open banking gains traction when embedded in real user journeys. Don’t build in isolation—solve for real merchant or end-user needs.
- Be regulation-ready: Staying ahead of regulatory evolution (PSD3, ISO 20022, GDPR compliance) isn’t optional. Embed legal and compliance strategy into your roadmap early to avoid scale friction later.
TrueLayer’s growth shows what’s possible when the right product, infrastructure, and partnerships come together at scale. If you’re building in fintech and thinking about your next move—expansion, positioning, or just gaining clarity—we’re here to help. Your Fintech Story works with early and growth-stage teams to refine strategy and focus. Let’s talk if that’s something you’re working through.
