TrueLayer, Europe’s leading Pay by Bank network, today announced it has reached 20 million users across its network, marking a major milestone in the mainstream adoption of bank-based payments.

The achievement reflects growing consumer and merchant momentum behind Pay by Bank, with more businesses choosing real-time account-to-account payments to deliver smarter, safer and faster checkout experiences. TrueLayer’s user base has expanded as demand grows across verticals including ecommerce, financial services and iGaming.

Reaching 20 million users underscores TrueLayer’s leadership in changing how Europeans pay online, moving away from legacy card rails toward instant, secure payments. TrueLayer now adds more than 1 million users per month to its network - making it the fastest growing payment method in Europe. 

Francesco Simoneschi, co-founder and CEO of TrueLayer, said:

“Hitting 20 million users is further proof that Pay by Bank has moved from fintech concept to consumer reality. Europeans want payments that are instant, secure, and built around their bank account, not around outdated card infrastructure. This milestone belongs to every merchant and customer rewiring how digital payments work.”

TrueLayer’s network combines real-time bank payments with financial and identity data, giving businesses tools that improve conversion, reduce fraud, lower costs and unlock instant settlement. User growth has been supported by product innovations in 2025 that have scaled onboarding, payments and payouts across high-throughput consumer environments.

UK open banking growth, October 2025

Newly released October 2025 UK open banking data shows that TrueLayer is scaling faster than the market across core bank payment rails:

• Single Immediate Payments (SIP): UK market grew 7% in October, while TrueLayer grew 11%, expanding 57% faster than the market
   
• Variable Recurring Payments (VRP): UK market grew 10%, while TrueLayer grew 12%, representing 20% faster growth than the market

This relative outperformance reflects accelerating merchant adoption and increasing transaction volumes as Pay by Bank becomes a default checkout choice.