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TrueLayer raises $130m to accelerate the adoption of open banking payments globally

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TrueLayer raises $130m to accelerate the adoption of open banking payments globally
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  • Latest raise led by Tiger Global Management LLC with participation from global payments technology firm Stripe. Brings the total raised to date to c$270m.

  • TrueLayer processes billions in payments, with 400% growth in payment volume and 800% growth in monthly payment value as the company expands across Europe and doubles its customer base.

  • Funding to accelerate the global rollout of TrueLayer’s payments network, with a focus on instant and recurring payments.

TrueLayer, the global open banking pioneer, today announced that it has closed a $130 million fundraising round, led by new investor Tiger Global Management LLC, the New York-based technology investor, with participation from global payments technology provider Stripe. The latest investment gives the business a post-money valuation of more than $1 billion.

The raise reflects TrueLayer’s position as the market leader in open banking payments, and the scale of its ambition to introduce a new global payment network, making instant and recurring payments available everywhere, in a few lines of code. In 2021, TrueLayer has processed billions in payments, experiencing 400% growth in monthly payment volume and 800% growth in monthly payment value as the company expanded across Europe and doubled its customer base.

Millions of consumers and businesses use TrueLayer to pay for goods and services. Whether investing through Freetrade, banking with Revolut, buying or selling a car on Cazoo, or saving money with one of the UK’s largest loyalty card schemes, TrueLayer powers some of Europe’s most innovative brands. With the new funding it takes greater aim at opportunities in ecommerce, to supercharge the mainstream adoption of open banking payments. On average, 1 in 3 people already choose to pay via technology powered by TrueLayer, and some merchant partners are seeing more than 70% of their customers choosing to pay securely with their bank account over cards or digital wallets.

Francesco Simoneschi, CEO and co-founder of TrueLayer, commented: “There is only so long that global business can rely on systems that are outdated, expensive and not fit for the digital age. TrueLayer is carving a new world of payments altogether, which can deliver a fundamentally faster, safer and more user friendly experience that also improves conversion and delivers higher revenues for merchants. We are leading this innovation through instant deposits and withdrawals, and merging Variable Recurring Payments and Direct Debit to build ‘account on file’ services on top of our open banking network. There is an opportunity to rewire the financial system from the ground up and we are leading that evolution through open banking payments.”

TrueLayer’s network provides 95%+ coverage across the UK and major European markets, and accounts for more than half of all open banking traffic in the UK, Ireland and Spain. Its API-first approach helps customers to seamlessly pay, onboard, and share financial information in seconds, garnering a reputation as the technology provider behind many of the most valuable fintechs and cutting-edge businesses.

“Our investors have seen the impact TrueLayer is having by empowering important sectors, from ecommerce platforms and marketplaces, banks, through to trading and investment firms. I’m delighted to welcome an investor of the calibre of Tiger Global, who have an incredible track record backing firms like Flipkart, Nubank and Square that are creating the platforms, distribution networks and services of tomorrow,” Simoneschi added. “I’m also incredibly proud to have a new partner like Stripe, a company we have long admired for its developer experience and focus on solving real world problems that deliver significant value to its customers. I’m looking forward to collaborating closely with both firms to deliver on our vision.”

The new funding will be used to further scale TrueLayer’s business, offering the benefits of instant bank payments to more markets and sectors, and delivering continued product development and innovation, such as the PayDirect solution. It will also be used to continue the firm’s geographic expansion and deepening its engineering, product and commercial teams globally.

“When Francesco and I founded TrueLayer it was with a belief that open banking would act as a catalyst for fundamental change in financial services. I’m incredibly proud of how we’ve built the firm, with a focus on quality engineering and user experience aligned to product development that delivers the best possible services,” commented Luca Martinetti, co-founder and CTO at TrueLayer. “That is reflected in the thousands of developers using our services, the talent we are retaining and the calibre of leaders we’re attracting from world-class technology and fintech companies. Our people buy into the vision for what we’re building and the journey ahead. It’s also reflected in the quality of our investors who believe in our ambition and are as excited as us about what comes next.”

Alex Cook, Partner, Tiger Global, said: “The shift to alternative payment methods is accelerating with the global growth of online commerce, and we believe TrueLayer will play a central role in making these payment methods more accessible. We’re excited to partner with Francesco, Luca and the TrueLayer team as they help customers increase conversion and continue to grow the network.”

The funding round is the latest milestone for TrueLayer in 2021. It follows the launch of its PayDirect solution, Verification API, and Payouts solution, receiving its full EU authorisation from the Central Bank of Ireland and establishing its European HQ in Dublin.

Gaming

Ocean Outdoor UK & Admix take brands into the metaverse with NFT billboards

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Ocean Outdoor UK & Admix take brands into the metaverse with NFT billboards
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Admix, the In-Play company that bridges the gap between brands and the metaverse, today announces a new partnership with Ocean Outdoor, the UK’s leading digital out of home (DOOH) operator, to send brands into the metaverse.

Brands are increasingly waking up to gaming and virtual worlds as a new form of ‘real’ estate on which to advertise. As the digital and physical worlds converge, consumers now spend similar amounts of time immersed in each, creating a new frontier for advertising. Virtual platforms such as Roblox, which has 220 million monthly active users, and Sandbox, which recently sold a plot of virtual real estate for USD $4.3 million, are leading this convergence via realistic experiences such as games, concerts and fashion shows.

The partnership between Admix and Ocean Outdoor UK signals a new dawn for the advertising industry as the two companies join the dots blending the physical with the virtual world. A series of activities that couple DOOH with virtual worlds are planned for the next year and beyond, aimed at maximising eyeballs for advertisers in the DOOH market, which is already projected to be worth $50bn by 2026.

The starting gun will be fired with the launch of three DOOH ad spots into the metaverse as NFT billboards. Ocean’s first drop will feature digital replicas of three bespoke DOOH locations which are similar in design and scale to its premium city centre UK assets including a spectacular tri-screen roadside location, a giant curve screen full motion location and The Loop city centre full motion network in Manchester and Birmingham.

Using Admix’s In-Play technology and Ocean Outdoor UK’s brand partnerships, the NFT billboards will synchronise with the creatives displayed on their real-world counterparts. This collaboration is an adland-first that paves the way for global brands looking to take steps into the formative metaverse.

Samuel Huber, CEO and Co-Founder at Admix, commented:

“Admix’s partnership with Ocean Outdoor UK is a watershed moment for the advertising industry, creating realistic ad experiences that merge physical and virtual worlds for the very first time. The metaverse is the perfect playground for Ocean’s creativity and its customers are making a symbolic step that will mark them out as pioneers of a new form of advertising which has unlimited reach. Of course, this is just the beginning: there will be dozens of ways for brands to engage consumers in the metaverse and Admix aims to be the gateway for brands to help shape the future of digital experiences for their audiences.”

Ocean Outdoor UK Joint Managing Director Phil Hall said: “Under this agreement, all of the elements that make Ocean a market leader in the real world – high quality builds with unmissable, unskippable ads served in an environment that people choose to be in – apply equally, if not more so, in the virtual world. This partnership is a natural evolution for the company and has an indisputable link to the core Ocean product and the wider addressable market.”

Admix has pioneered In-Play, a non-intrusive digital ad format which creates an advertising experience similar to the real-world. As an increasing number of users enter worlds such as Roblox, Sandbox and Decentraland to name but a few, brands need the infrastructure to reach and engage people in virtual worlds without disrupting their experience.

Starting from Sunday 12th December 2021, the Ocean Outdoor UK and Admix NFT billboards will be auctioned via the world’s largest NFT marketplace, OpenSea, and displayed by the successful bidders within Somnium Space. Social VR platform Somnium Space is an immersive space where users can purchase digital land and build games and experiences within it. The partnership with Admix means Ocean’s Labs division and the Ocean UK sales team will be able to sell an engaged 16 to 34 audience as a cohesive physical and virtual combined offer.

 

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BGaming brings holiday mood: the studio released X-mas editions of top slots!

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BGaming brings holiday mood: the studio released X-mas editions of top slots!
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BGaming shares the Christmas mood by updating its top slots! The game studio has released the X-mas edition of its popular titles, including Aloha King Elvis, Candy Monsta, Miss Cherry Fruits, and Fruit Million. New versions of the slots are already available for players on Spin Samurai Online Casino, Wild Fortune, and other reputable projects.

Have you ever seen a snowman in Hawaii? So, winter has come to the tropical islands! Aloha King Elvis, the most fastgrowing slot of 2021, now surprises players with excellent features and the magic atmosphere of Christmas! At the same time, juicy Miss Cherry Fruits tries on a Santa look and is ready to get unique gifts from the bag!

It’s time to celebrate! BGaming has prepared a lot of presents hidden in its popular titles. The studio has produced a set of games that will be a perfect choice for Christmas.

Christmas and New Year’s day are times of miracle and joy. We love these holidays, and we always strive to share our energy with players. We want everyone who opens one of the BGaming titles to get inspired by a lovely X-mas time as we do!” noted Alexandra Kavelich, Brand Communications Manager at BGaming.  

Earlier this month, BGaming has launched its first cascade slot called Bonanza Billion.

 

BGaming is a fast-growing game provider converting gambling into gaming. Thanks to an expert team and a player-driven approach, the studio creates innovative and engaging products featured on reputable platforms and 550+ online casinos worldwide. BGaming is the world’s first to support cryptocurrencies and offer Provably Fair games. Today the brand’s portfolio includes 70+ products with HD graphics and a clear user interface for every device.

 

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Betegy to power GamingTec brands’ global engagement

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Betegy to power GamingTec brands' global engagement
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Deal will boost leading operator group’s marketing reach with next-gen tech

 Betegy, the premier independent provider of personalised sports data and gaming visualisation, has partnered with GamingTec to drive its demand for social media content, online resources, marketing materials and personalised landing pages across a number of its operator brands.

Using Betegy’s latest proprietary AI-technology, the agreement will see the Betegy platform revolutionise the two brands’ content across all social channels, with the operator able to instantly create entire campaigns to market any event it has available, in as little as one click.

Betegy will also integrate multiple additional components as part of the deal, including live data feeds to automatically update all odds-related marketing content across articles and blogs.

As well as automatically generated banner and landing page solutions, Betegy’s entire process is fully automated – enabling GamingTec to deliver bespoke campaigns across numerous demographic segments, with an unmatched level of personalisation, all within minutes.

Commenting on the partnership, Alex Kornilov, CEO at Betegy said: “We strive to create unmatched experiences for players, driving engagement to new levels through personalised and immersive content.

“Our comprehensive solution will ensure GamingTec’s brands can create market-leading material in a short space of time, allowing their marketing departments to focus on player acquisitions and campaigns to drive their business.”

Andrei Beu, Commercial Director at GamingTec, added: “Betegy’s complete marketing solution allows us to create a full end to end online plan with real ease and allows us to focus our resources on campaigns and acquisitions for two of our leading brands.

“The proven success of Betegy’s platform is clear with their client list and we can’t wait to enjoy a successful partnership together.”

The alliance follows important commercial agreements signed by Betegy, most recently including ESTV, FTN Network, PokerGO, Germany’s Tipico, as well as Parimatch, Bwin and Coingaming.io, as it continues to bring its EGR award-winning solution to tier-one gaming and sports betting companies worldwide.

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