Daniel Kjellén, co-founder and CEO of Tink

Stockholm-based open banking platform provider Tink has secured a strategic investment from Paypal. The investment will allow Paypal to utilize Tink’s Account Aggregation technology for improving Paypal’s customer experiences. Tink will leverage the funds secured for its market expansion across Europe.

Daniel Kjellén, co-founder and CEO of Tink, said: “We’re proud to partner with a global fintech leader like PayPal to expand the reach of our technology and develop the next generation of financial services. Our partnership shows the versatility of our technology – and how it can be implemented to improve a range of use cases in businesses big and small. The investment is an indicator of the strength of the open banking movement, and it puts us firmly on the path towards our expanded connectivity goals.”

Established in Stockholm in 2012,  as a consumer-facing finance app with bank account aggregation at its heart, Tink has since repositioned its offering to provide the same underlying technology and more to banks and other financial service providers who want to ride the open banking/PSD2 train. Through various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment”.

Jennifer Marriner, VP of global markets and partnerships of PayPal said: “Open banking is transforming financial services, allowing customers to more easily move and manage their money. Tink has developed the infrastructure and data services for this new financial world and we’re excited to work together to continue to democratise financial services.”

Recently, Tink partnered with Mash, a Finland based fintech, in order to enable data-driven payment offerings for the latter.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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