Open banking platform Tink secures €90 million investment

Following a €56 million investment round completed back in February 2019, this marks the open banking platform’s most lucrative round to date.

“The investment round will facilitate our ambitious growth plans over the next year and beyond,” said Daniel Kjellén, co-founder and CEO of Tink. “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 successfully develop financial services of the future.

Open Banking: a friend or foe to traditional banks?

PSD2 is going to open up the entire banking market, as banks will have to share their data with third parties. Read here

“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.”

The funding, which was co-led by Dawn Capital, HMI Capital and Insight Partners, will be put towards developing its services, including financial data generation and the offering of financial management tools.

While Dawn Capital and HMI Capital were new investors, Insight Partners, along with BNP Paribas’ venture arm, Opera Tech Ventures, ABN AMRO Ventures and Heartcore Capital, had contributed towards Tink previously.

Josh Bell, general partner at Dawn Capital, said: “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.

Top five technologies that will transform the Fintech sector in 2020

Alexey Kutsenko of DDI Development, discusses five technologies that will transform Fintech in 2020: blockchain, RPA, AI, RegTech and conversational banking. Read here

“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.”

Founded in 2012 and based in Stockholm, Tink’s services are currently live in the UK, Germany, Spain, Italy, Portugal, Sweden, Denmark, Finland, Norway, Belgium, Austria and the Netherlands.

The firm has offices in London, Paris, Helsinki, Amsterdam, Warsaw, Madrid, Copenhagen, Milan, Oslo and Lisbon.

As well as being used by over 4000 developers, its clientele include Paypal, BNP Paribas, Nordea and NatWest.

Avatar photo

Aaron Hurst

Aaron Hurst is Information Age's senior reporter, providing news and features around the hottest trends across the tech industry.

Related Topics

Open Banking