TrueLayer, a payments platform backed by Stripe, is facing increasing losses as detailed in its latest financial reports.
The company reported a pre-tax loss of £55.6 million for 2023, up from a £40.3 million loss in 2022. Despite these losses, the UK-based fintech noted that 2023 marked its “strongest year-on-year growth to date.” TrueLayer experienced significant growth, with gross profit rising from £2.96 million to £7.78 million, while revenue surged from £4.1 million to £12.3 million.
A TrueLayer spokesperson shared with Sifted, “2023 was a year of remarkable growth for TrueLayer, with revenue increasing by 200% on the previous year, as we consolidated our position as the European market leader. This financial year also saw us reach major milestones, such as becoming the first company to surpass 1 million variable recurring payment transactions per month.”
Additionally, TrueLayer’s operational losses decreased from £61 million to £54 million between 2022 and 2023, reflecting improvements in its core business activities.
The fintech is also making strides outside the UK, with its Payout product finding success in various European markets throughout 2023. Earlier this month, TrueLayer was selected by Stripe to provide Pay by Bank services in the UK.