TrueLayer, the UK-based financial technology company and leading Pay by Bank network, has appointed Basil Bailey as the CEO of TrueLayer Ireland and General Manager of its European operations.
“Ireland and Europe are major growth markets for TrueLayer, and Basil’s strong leadership and deep payment experience will be crucial as we enter our next phase of growth,” said Francesco Simoneschi, Co-Founder and CEO of TrueLayer.
TrueLayer’s decision to appoint Bailey comes at a pivotal time. The company is riding a wave of growth, with its Pay by Bank solution rapidly gaining traction among e-commerce merchants and consumers. With over 10 million active users and processing more than $72 billion in payments, TrueLayer is solidifying its dominance in the open banking landscape.
Bailey’s role is multifaceted. As CEO of TrueLayer Ireland, he will manage the commercial and regulatory functions of the subsidiary, which operates under a European Payments Institution (PI) license regulated by the Central Bank of Ireland. Simultaneously, as General Manager for Europe, he will steer the company’s broader continental strategy.
Basil Bailey brings a wealth of experience from top-tier financial institutions. His resume includes senior leadership positions at JPMorgan, Fiserv, PayPal, Borderfree, Orbiscom, and Mastercard. Notably, at JPMorgan, he led the Acquiring business across EMEA and served as CEO for the company’s European acquiring and issuing entities.
His career trajectory reflects a deep understanding of the payments ecosystem, from acquiring and issuing to global consumer payments. Experts believe this expertise will be crucial as TrueLayer navigates regulatory landscapes and competitive pressures.
Since its founding in 2016, TrueLayer has emerged as a powerhouse in open banking, particularly with its Pay by Bank solution. This payment method allows consumers to pay directly from their bank accounts, bypassing traditional card networks. It offers benefits such as instant payment confirmation, lower fees, and reduced fraud risks.
TrueLayer now processes over 40% of all Pay by Bank transactions in the UK, where it has become the largest provider. Adoption in the e-commerce sector has skyrocketed, with a 5X year-on-year increase in transaction volumes. Major brands, including Ryanair, Just Eat, and Lastminute.com, have integrated the solution into their checkouts.
According to industry research, the global Pay by Bank market is expected to grow by 20% annually, driven by consumer demand for seamless and secure digital payments.
Consumers are embracing Pay by Bank for its convenience and security. In the UK, monthly Pay by Bank transactions hit 23 million in 2024, with TrueLayer seeing conversion rates up to 90%. Merchants benefit from lower transaction fees, fewer chargebacks, and faster settlement times, improving cash flow.
TrueLayer’s European expansion aligns with its broader strategy to capitalize on Open Banking regulations, which encourage competition and innovation in financial services. The company recently secured an additional $50 million in funding, extending its Series E round to fuel further growth.
However, growth hasn’t come without challenges. In its pursuit of profitability, TrueLayer reduced its headcount by 25% last year, reflecting a broader fintech trend of streamlining operations amid economic uncertainty.
Looking ahead, TrueLayer plans to expand use cases for its Pay by Bank solution beyond e-commerce, with ambitions to enhance consumer functionalities and address merchant pain points. Details of these innovations are expected later this year.
