Swedish open banking platform Tink has successfully completed a €56 million funding round, laying the foundation for the company to expand to additional European markets. The firm is set to roll out its services in the UK, Germany, Belgium, Austria and Spain, with plans to enter an additional 20 countries by the end of the year as it takes advantage of Europe's open banking rules.
Tink initially launched to Swedish customers in 2013 as a consumer-facing finance app employing bank account aggregation. In the following years, Tink repositioned itself to offer the same fundamental technology to banks and financial service providers looking to take advantage of the opening banking/PSD2 trend.
The app utilizes several APIs to provide four key technology offerings: account aggregation, personal finance management, data enrichment and payment initiation. Tink allows third-parties to use this technology in their own standalone apps or integrate it into their existing banking applications.
Following their funding success, Tink is looking to not only expand into 20 additional countries by year-end but also to target a wider range of customers “from big banks to individual developers.”
In order to successfully do so, Tink plans to increase its office footprint and its headcount. Currently, the firm has 150 employees in its Stockholm headquarters with a recently opened office in London. Tink has announced that it aims to open four more offices across Europe this year, increasing its total European team to 300.
As Tink’s co-founder and CEO Daniel Kjellén points out, “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.”
Tink’s current customer roster includes ABN AMRO, SEB, BNP Paribas Fortis, Klarna and Nordea.
Insight Venture Partners headed up the latest funding round, and existing investors SEB, Sunstone, ABN AMRO Digital Impact Fund and Nordea Ventures also participating. Sources indicate that with the success of this latest round, Tink has reached a valuation of €240 million.