Tink, a Stockholm, Sweden-based open banking solutions provider, as per recent reports last week, just received a $11.2 million fresh funding from PayPal, a San Jose, California-based online payments solutions provider.
According to Tink, the recent investment and partnership is a “major vote of confidence in our tech and an indicator of the strength of the open banking movement in Europe.”
With this recent investment from PayPal, Tink has, to date, raised $105 million in funding total. Also, the payment giant with this newest partnership with Tink aims at leveraging Tink’s account aggregation tech, in its bid to enable its European customers to interlink their bank and PayPal accounts.
Tink, with its account aggregation and payment initiation service offerings via a single, API integration – as well as data enrichment and categorization and personal financial management (PFM) services – empowers fintechs to maximize their open banking opportunities. According to the company, with more than 1400 developers using the Tink API platform to access financial data from across hundreds of banks and financial institutions in European markets, Tink is paving the way for “the next generation of financial services.”
As per Jennifer Marriner, Vice President – Global Markets & Partnerships, PayPal, “Tink has developed the infrastructure and data services for this new financial world – and we’re excited to work together to continue to democratize financial services.”
This recent funding will ensure that Tink continues its expansion across Europe. In recent months, the Swedish fintech has partnered NatWest (UK), Mash (Finland), and Lunar Way (Denmark). Earlier, this year, the company raised $63 million in a funding round led by Insight Venture Partners, also, the company has a big expansion plan, to go live in five new markets across Europe.