Tink lands $100 million to expand open banking in Europe
Tink, a Swedish fintech that developed an open banking platform used by 2,500 European banks, has secured $100 million in funding from various investors.
The cash influx, more than double Tink’s first significant funding round a year ago, will enable the company to deepen its data-sharing products and services for banks, along with other startups, according to a Monday press release.
PayPal was an early investor in Tink, which competes with Token.io in the rapidly expanding European open-banking scene.
Through its API-based approach, Tink has established connections with large banks and merchants in major European markets. Users include NatWest, ABN Amro and BNP Paribas Fortis along with PayPal and Klarna, the release said.
First-time investors in Tink’s latest funding round included London-based Dawn Capital and San Francisco-based HMI Capital. Other recurring investors included New York-based Insight Partners, Poste Italiane, Heartcore Capital, ABN Amro Ventures and Opera Tech Ventures, which is owned by BNP Paribas, according to the release.
“Two key factors for succeeding (will be) that we strengthen our European coverage and continue to deliver new data products on top of this infrastructure to our customers,” said Daniel Kjellen, Tink’s co-founder and CEO, in the release.
Tink, founded in Stockholm in 2012, has raised more than $200 million to date. The platform is live in 14 European markets.