London-based payments network TrueLayer is set to expand its presence in Europe after striking an agreement to buy Nordic competitor Zimpler.

TrueLayer, which is backed by payments giant Stripe, is one of Europe’s largest players in the pay-by-bank market. It released its 2024 results in September which showed a 63% increase in revenue. 

TrueLayer had reported a $55m loss for the previous year and in November 2024 the startup laid off around a quarter (25%) of its staff in a bid  to make the company profitable.

By acquiring Zimpler, TrueLayer will have more than 20 million users and a greater presence in key Nordic markets such as Sweden and Finland. 

Francesco Simoneschi, CEO,TrueLayer, says: “We’re not just expanding our footprint in the Nordics – we’re combining talent, technology, and scale to accelerate Pay by Bank adoption across the continent, and further strengthening Pay by Bank as a force of disruption that is changing how the world pays.”

It is not the first time TrueLayer has attempted to spread its presence in the Nordics market. In December 2023, it partnered with Nordic challenger bank Lunar to enable its services to be used in Denmark, Sweden and Norway.

No financial details of the planned acquisition, which is subject to regulatory approval, were disclosed.