Irish fintech start-up Dimply signs strategic partnership with TrueLayer

Irish fintech start-up Dimply has signed a strategic partnership with TrueLayer that will see the latter’s open banking platform integrated into Dimply’s experience and engagement platform.

The deal will see the creation of an open finance, payments, personalised insights and experience offering designed to help financial service enterprises better serve their customers.

A value for the deal has not been disclosed, but global partnerships like the TrueLayer deal drive market growth for Dimply.

Dublin-based Dimply, which was founded in 2020 by Alan Quinlan, Colm McLoughlin and Johnny Kane, helps financial companies reach their customers using an intelligent experience and engagement platform. It bridges the gap between the digital offerings from banks, insurers and wealth managers and their customers, creating a unified and personalised advice hub.

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“We are proud to be partnering with TrueLayer. Strategic partnerships are at the core of our global growth strategy,” Mr Quinlan said. “We have carefully assessed this opportunity with their teams in both Australian and UK Markets. The benefits of leveraging our joint capabilities were obvious. In partnership we can deliver a cutting edge world class data, intelligence and experience platform to our enterprise pension banking and insurance customers.”

Demand for embedded finance and open banking solutions is growing, with 92 per cent of enterprise business leaders planning on launching embedded finance within the next five years. Almost two third of consumer in a recent global survey quoted by Dimply would use a more transparent financial products app.

“Wealth managers want to empower their clients with financial security and access to high-quality products and service. Partnering with Dimply confirms yet again the growth in adoption that Open Banking is seeing in the wealth management and pension space,” said Boris Lindgren, senior payment partnership manager at Truelayer. “We’re excited by what our collaboration will deliver to these firms through a smoother verification and instant, secure account funding that is central to delivering a great digital experience to their customers.”

The partnership follows the announcement in April of Dimply’s €1 million seed funding round designed to support its ability to develop further partnerships with top-tier companies. Dimply also signed its first commercial deal with Mercer Ireland.