Open Banking startup Tink raises €56mn, plans European expansion
Tink, a Swedish fintech startup which allows customers to utilise their data for a more comprehensive view of their spending, has raised €56mn in its latest funding round. The company’s app takes data from a customer’s various bank accounts and aggregates these for ease of use.
The funding round, which puts the firm’s total value at €240mn, was led by US-based Insight Venture Partners, and also involved existing investors including Sunstone, Nordea Ventures, SEB and ABN AMRO Digital Impact Fund.
Tink was launched in 2012, and services provided by the startup include Account Aggregation, Payment Initiation, Personal Finance Management and Data Enrichment. The software can also be used by financial institutions and third parties to explore open banking potential.
Further to gaining this latest investment, Tink hopes to expand across five markets in Europe: the UK, Austria, Spain, Belgium and Germany.
Daniel Kjellén, Co-Founder and CEO, 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.”