London-based unicorn TrueLayer announces a deal with fintech firm Lemonade Finance.
Lemonade Finance has announced that it has implemented TrueLayer’s open banking platform. Through TrueLayer, customers can connect their bank account to the Lemonade Finance platform, enabling the firm to verify the account and confirm the payee’s details.
Founded in 2020, Lemonade Finance is based in California but “was built to serve the African diaspora”, with a focus on enabling Nigerians, Ghanaians, and Kenyans in the UK to send money back to friends and family.
Customers can then send funds directly from their bank to Lemonade Finance, using TrueLayer’s account-to-account payments, removing the need to manually enter card details or share their bank credentials.
Afeez Gbotosho, Head of Product at Lemonade Finance, comments: “Ensuring we provide a secure, fast and cost-efficient way for Africans in the UK to send funds through the platform then led us to examine how to integrate instant payments through open banking.”
Source: Eweek UK
