TrueLayer secures accreditation to launch in Australia

Ellie Duncan
30 Sep 2021

TrueLayer has launched its Open Banking platform in Australia, having been accredited by the Australian Competition and Consumer Commission, and has promoted Brenton Charnley to CEO of Australia and New Zealand.

In his new role Charnley, who joined TrueLayer in Sydney in October 2020 to establish local operations, will oversee the company’s expansion in Sydney, Melbourne and Auckland across product, engineering, operations, commercial and marketing functions.

It has entered Australia following approval by the Australian Competition and Consumer Commission of TrueLayer as an unrestricted Accredited Data Recipient under the Consumer Data Right (CDR).

TrueLayer said that its local subsidiary will also become a corporate authorised representative of Amplus Global, an Australian financial services licence holder.

“We have built a solid foundation in Australia and now we’re ready to launch and accelerate our growth,” said Charnley.

“We’re proud to bring TrueLayer’s global know-how into the local market, in the right way and at the right time, to contribute to the overall success of the Consumer Data Right.”

The Open Banking platform intends to use the CDR to power both mainstream and emerging use cases, supporting financial and non-financial firms to offer lending, wealth management, personal finance management apps, digital banking and ecommerce.

“We founded TrueLayer with the belief that Open Banking would be a catalyst for meaningful, long-term change in financial services. What began in the UK and Europe has now been embraced by Australia through the CDR,” said Francesco Simoneschi, CEO and co-founder of TrueLayer.

He added that the combination of a local presence with its international network means that TrueLayer will be able to work with local firms and European businesses seeking to launch in the country.

“It’s an incredibly exciting time with the opportunity to help firms embrace Open Banking capabilities and build innovative services that will better meet the financial needs of consumers and businesses throughout Australia and New Zealand,” Simoneschi said.

TrueLayer recently raised $130 million in a funding round led by Tiger Global Management, in which Stripe also participated.