The open banking platform Tink has just announced that it has closed a US$99.7mn investment round as it gears up to expand across Europe. FinTech finds out more.
It was announced today that the open banking platform, Tink, has raised US$99.7mn (€90mn) in its latest fundraising round. This comes 11 months after the fintech’s last funding round, which raised US$62mn dollars.The investment will further support the banks expansion across Europe.
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.”
The investment round was led by two new investors: London-based B2B software venture capital firm, Dawn Capital, and San Francisco-based investment management firm, HMI Capital. These companies join existing partners: Heartcore Capital, ABN AMRO Ventures and BNP Paribas’ Opera Tech Ventures.
Kjellén continued: “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 successfully develop financial services of the future. 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 analogue 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.”
What is Tink?
Tink is a Swedish fintech startup that allows customers to utilise their data for a more comprehensive view of their spending. Founded in Stockholm in 2012 by Daniel Kjellén (CEO) and Fredrik Hedberg (CTO), the bank allows customers to access aggregated financial data through one API. Today Tink has over 250 million customers across 14 markets. It is currently live in the UK, Germany, Spain, Italy, Portugal, Sweden, Denmark, Finland, Norway, Belgium, Austria and the Netherlands. Tink powers a number of major fintechs such as Klarna, Paypal, NatWest, ABN AMRO, BNP Paribas Fortis, Nordea and SEB.
[Image: Co-founders Daniel Kjellén (CEO) and Fredrik Hedberg (CTO), Tink]
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