The latest funding round for the company that sells open banking software brings its total money raised to $47 million.

Chinese multinational investment holding conglomerate Tencent and Singapore government-owned investment firm Temasek are investing $35 million in U.K.-based open banking software company TrueLayer, the firm announced on its blog.

The Series C funding round also saw the participation of previous backers Northzone Ventures and Anthemis Group, bringing total funds raised for the three-year-old startup to $47 million.

TrueLayer said it would use the new capital on expanding its platform in Europe and globally, double down on the developer experience, enhance platform capabilities, ensure reliability, and grow client care.

Open Banking

«This is a huge endorsement of our past work, and a recognition that OpenBanking is here to stay. And rest assured, we are going to invest this capital to build the best developer platform, and thus, grow the OpenBanking economy,» CEO and co-founder Francesco Simoneschi wrote.

The fintech startup was founded in 2016 to help open data access to the financial industry, developing two products – Open Banking API and Payments API – that lets people share or aggregate their financial information from different providers. It has since grown its team to 50 people.

Since OpenBanking was launched in the U.K. in 2018, the company has inked a number of deals with challenger banks like Monzo and Starling Bank and peer-to-peer lender Zopa.