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Swedish fintech startup, Tink has recently raised €56 million in a funding round led by US-based Insight Venture Partners and existing investors such as Sunstone, Nordea Ventures, SEB and ABN AMRO Digital Impact Fund. This funding is aimed at fueling its expansion. As per reports, this new funding round takes its value to €240 million.
Tink offers an app, which lets people get an idea of how they are spending across their bank accounts. Launched in Sweden in 2012 by Daniel Kjellén and Fredrik Hedberg, it is a consumer-centric finance app. With bank account aggregation, it provides underlying technology to banks and financial institutions that want to try open banking.
Tink provides services such as Account Aggregation, Payment Initiation, Personal Finance Management and Data Enrichment. These services can be used by the third parties that want to integrate their apps into the existing banking applications.
Plans to expand into new markets
Tink is gearing up to launch its developer platform in five new markets such as UK, Austria, Spain, Belgium and Germany. Adding the Nordics base, the overall number of markets totals to nine countries. With the new capital, the company is bullish to establish its presence in 20 markets this year. It aims to cover big banks to individual developers in the new markets. Basically, Tink aims to become a pan-European open banking platform.
New offices in plan
Tink already has 150 employees at its headquarters in Stockholm and opened an office in London. Furthermore, it plans to open four more offices later this year and doubling its team size from 150 to 300 employees. Some notable customers of Tink are SEB, BNP Paribas Fostis, Klarna, Nordea and ABN AMRO.
Competition from others
Though it is an open banking platform, Tink does face a rivalry from other fintech startups with similar products such as Bud. Notably, Bud is backed by banks such as HSBC, Nordic API Gateway, TrueLayer and Meniga.
Regarding the new funding round, Daniel Kjellén, co-founder and CEO of Tink said, “This funding round allows us to accelerate our European roll-out but also invest further in our data services. As Europe gradually embraces open banking, our platform has proved to be its rails and brains – delivering the technology that makes it possible. We attribute our success to being the first platform provider to combine account aggregation and payment initiation, the scale of our connectivity and our smart data products that make it all understandable”.
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