Tink raises €90 million to power European expansion
Swedish open banking platform provider Tink has completed an investment round worth €90 million.
Tink CTO Fredrik Hedberg and CEO Daniel Kjellen
The round was co-led by two new investors in Tink – venture capital company Dawn Capital and investment management firm HMI Capital. Both were joined by existing investor Insight Partners.
The venture capital wings of both ABN Amro and BNP Paribas participated in the round, as well as Poste Italiane.
Tink plans to use the fresh injection of capital – almost 12 months on from its last €56 million round – to continue its expansion across Europe and support the development of its open banking services.
“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,” says Daniel Kjellén, co-founder and CEO of Tink.
According to Kjellén, Tink aims to become the preferred pan-European provider of digital banking services and wants 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”.
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Two key factors for going ahead with those ambitions, the CEO says, are ensuring that Tink strengthens its European coverage and continues to deliver new data products.
Tink opened Italian, Portuguese and Spanish offices in December 2019, following a major deal with Portugal’s largest bank, Caixa Geral de Depósitos.
Josh Bell, general partner at Dawn Capital, says that as the world of banking undergoes “a fundamental shift from analogue to digital and from closed to open”, banks and financial services need “a new set of technical foundations”.
He adds: “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.”
PayPal is another investor in the open banking firm, having contributed $11.2 million in June 2019.
