Open banking program Tink puts €90M at a post-money cost of €415M

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Tink - European open banking program | iTMunch

Tink, the European open banking program, is revealing €90 million in new funding, only 11 months after the Sweden-headquartered company declared a €56 million round of funding.

Specifications About The Investment 

Co-leading this latest round is Dawn Capital, HMI Capital, plus Insight Partners. 

The round also involves the necessary postal operator and Italy’s biggest financial services network Poste Italiane as a current investor, along with subsisting investors Heartcore Capital, ABN AMRO Ventures and BNP Paribas’ venture arm, Opera Tech Ventures.

The dose of capital will allow Tink to stimulate its European expansion plans and improve its product accordingly.

Tink co-founder and CEO Daniel Kjellén says that their purpose is to become the fancied pan-European provider of digital banking assistance and develop their local proximity across the country.

Formerly launched in Sweden in 2013 as a consumer-facing banking app with bank account collection at its heart, Tink has continued since repositioned its offering to grow into a fully-fledged open banking program. Tink is now a must-have for developer APIs to allow banks and other financial service providers to travel the open banking/PSD2 train.

The Four Pillars of Technology 

Throughout its several APIs, Tink offers four pillars of technology: 

1.Account Aggregation 

2.Payment Initiation

3.Personal Finance Management

4.Data Enrichment

These can be utilized by third parties to run their standalone apps or blended into existing banking applications.

The firm’s headcount has also developed a lot, too. 

At the start of 2019, it remained at around 120 but is presently at 300 employees. 

Several but not all are situated in its offices in Stockholm, besides local offices, including newly opened sites in Paris, Helsinki, Oslo, Madrid, Warsaw, Milan, and Copenhagen.

Maybe better placed than most, we asked Kjellén what kinds of use cases are resonating with open banking, given that various industry analysts don’t think it has genuinely yet lived up to the hype.

Tink founder and co-founder | iTMunch

One instance Kjellén provides is Klarna, the checkout credit provider, which he states is using open banking to give a “wonderful” in-app experience.

Tink tells that its consumer numbers have “quadrupled” in the prior year, and involves PayPal, Klarna, NatWest, ABN AMRO, BNP Paribas Fortis, Nordea, plus SEB. 

Much more than 4,000 developers are presently using Tink to create and power the latest innovative financial services and products, says Kjellén.

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