The company reported a pre-tax £55.6 million loss for 2023, compared to the £40.3 million loss reported in 2022. Despite losses piling up, the UK-based fintech reported that 2023 was the company’s “strongest year-on-year growth to date”. TrueLayer saw its gross profit skyrocket from £2.96 million to £7.78 million, and revenue increased from £4.1 million to £12.3 million.

A TrueLayer spokesperson commented to Sifted: “2023 was a year of remarkable growth for TrueLayer, with revenue increasing by 200% on the previous year, as we consolidated our position as the European market leader. This financial year also saw us reach major milestones, such as becoming the first company to surpass 1m variable recurring payment transactions per month.”

TrueLayer’s operational losses dropped from £61 million to £54 million between 2022 and 2023, reflecting the company’s core business activities.

The fintech also reported that it is seeing success outside of the UK, with its Payout product gaining traction in European markets throughout 2023. Earlier this month, TrueLayer was tapped by Stripe to offer Pay by Bank services in the UK.