Based out of Stockholm, Tink is an open banking platform that enables banks, fintechs, and startups to develop data-driven financial services.
In the latest development, Tink has raised €90 million in a new funding round co-led by Dawn Capital, HMI Capital, and Insight Partners. Additionally, the investment round also includes Poste Italiane as a new investor, as well as existing investors – Heartcore Capital, ABN AMRO Ventures, and BNP Paribas’ venture arm, Opera Tech Ventures. This investment round followed Tink’s €56 million investment round in February 2019.
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Expansion across Europe!
The Swedish company intends to use this funding to continue its expansion across Europe and support further development of its open banking platform. For the unknown, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions, and build personal finance management tools through one API.
The company serves some leading banks and fintechs, including PayPal, Klarna, NatWest, ABN AMRO, BNP Paribas Fortis, Nordea, and SEB. At present, the company’s platform is live in the UK, Germany, Spain, Italy, Portugal, Sweden, Denmark, Finland, Norway, Belgium, Austria, and the Netherlands.
Founded in 2012, the open banking platform k has more than 270 employees and is currently serving its clients out of local offices in London, Paris, Helsinki, Amsterdam, Warsaw, Madrid, Copenhagen, Milan, Oslo, and Lisbon.
Daniel Kjellén, co-founder and CEO, Tink, said:
The investment round will facilitate our ambitious growth plans over the next year and beyond. During 2020 we are committed to building out our platform with more bank connections and, on top of that, expanding our product offering. Our aim is to become the preferred pan-European provider of digital banking services and to offer the technology needed for banks, fintechs, and startups to leverage the opportunities of open banking and enable them to develop financial services of the future successfully. Two key factors for succeeding with that are that we strengthen our European coverage and continue to deliver new data-products on top of this infrastructure to our customers.
Josh Bell, General Partner, Dawn Capital, added:
As the world of banking undergoes a fundamental shift, from analog to digital and from closed to open, banks and financial services require a new set of technical foundations on which to build a winning product strategy for the coming decades. Tink has become a trusted partner amidst growing demand from Europe’s leading banks and fintechs seeking to build better and more creative financial products and services. Our investment underlines the confidence that the industry has in Tink’s category-leading technology, and we look forward to supporting them on their continued journey.
Main image credits: Tink
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