TrueLayer, a UK-based open banking network, has appointed Basil Bailey as the new CEO of its Irish division and general manager of its European business. Bailey, who has held leadership roles at JP Morgan, Mastercard, and PayPal, will oversee TrueLayer’s commercial and regulatory functions in Ireland. The company, which processes nearly half of all open banking payments in the UK, aims to expand its presence in Europe.
TrueLayer, a UK-based open banking network specializing in secure financial transactions, has appointed Basil Bailey as the new CEO of its Irish operations and general manager of its European business. In his new role, Bailey will also serve as an executive director on TrueLayer Ireland’s board.
Bailey brings extensive leadership experience in fintech and banking, having previously worked as EMEA director of product management at Fiserv, CEO and director of JP Morgan’s European acquiring and issuing entities, and in senior roles at Mastercard, PayPal, and Xpert Technology.
Strengthening TrueLayer’s Position in Europe
Founded in 2016, TrueLayer has processed over $64 billion in payments and recently surpassed 10 million users. The company is a key player in open banking payments, claiming to handle almost half of all transactions in the UK.
In Ireland, TrueLayer powers Pay by Bank services for major businesses, including AIB, Bank of Ireland, and Ryanair. With Bailey at the helm, the company aims to expand its European footprint while ensuring compliance with evolving financial regulations.
Challenges and Future Growth
Last year, TrueLayer reduced its workforce by 25% as part of its strategy to achieve profitability. The firm also raised an additional $50 million in an extension of its $130 million Series E funding round from 2021.
Bailey’s appointment signals TrueLayer’s continued focus on growth and innovation within the European open banking sector, as it navigates regulatory shifts and increased demand for seamless digital payments.
