Tink co-founders Daniel Kjellen and Fredrik Hedberg

Tink, the Swedish fintech startup, has raised €56 million in a recent funding round led by Insight Ventures, a New York-based venture firm. The funding round was also participated by existing investors such as Sunstone Capital, SEB (Skandinaviska Enskilda Banken), Nordea and ABN AMRO Digital Impact Fund. The company has seen an addition of investors like Christian Clausen, former Chairman of the European Banking Federation, and  Nikolay Storonsky, co-founder of banking app and fintech Revolut.

Daniel Kjellén, co-founder and CEO, Tink, said: “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. We attribute our success to being the first platform provider to combine Account Aggregation and Payment Initiation, the scale of our connectivity and our smart data products that make it all understandable.”

Tink’s developer platform is launching in five new markets – bringing its total to nine – and significantly boosting its European coverage. Now, developers can get access to financial data in the Nordics, the UK, Austria, Germany, Belgium and Spain through Tink’s account aggregation API.

The investment will facilitate Tink’s growth plans over the next year and beyond. Tink will now further expand its European connectivity to be present in 20 markets by the end of 2019, providing customers ranging from big banks to individual developers with its infrastructure and growing product portfolio.

Teddie Wardi, Managing Director, Insight Venture Partners, added: “At Insight we commit a lot of time to look at financial services API providers, and we believe that Tink is a category leader in this field. It has an impressive list of current customers in both fintech and traditional banking, and it is well positioned to continue its expansion across Europe. We are excited to welcome Tink into our portfolio and look forward to helping the company drive continued growth.”

Established in Sweden in 2013 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”. These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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