Tink and Revolut partner for European payments

By Joy Dumasia

Tink, Europe’s open banking platform, and Revolut, the global financial super app with more than 18 million customers worldwide, have entered into a strategic partnership for open banking technology.  

“We are delighted to bring Tink’s solutions to Revolut”, said Ivan Chalov, Head of Retail at Revolut. “Our partnership with Tink will enable Revolut to expand our open banking services across new markets in a fast and sustainable way.” 

Tink’s payment initiation services (PIS) technology will allow Revolut users across Europe to seamlessly move money into their Revolut accounts. PIS enables users to connect to the bank account they want to transfer money from and instantaneously authorise and complete the payment without leaving the Revolut app.  

IBS Intelligence in April 2022, reported that Tink announced the expansion of its open banking payments services to five new markets across Europe. Its Payment Initiation Services (PIS) product is now live in the Netherlands, Norway, Estonia, Finland and Latvia. Tink operates in 18 markets across Europe, connecting to over 250 million bank customers. 

Daniel Kjellén, Co-Founder and CEO of Tink, said: “Revolut is one of the biggest success stories of the financial services revolution, offering services that better meet the needs of customers. We are excited to be a part of the next stage in Revolut’s growth and see this partnership as an important step in the mass-market adoption of open banking powered payments across Europe.”

IBS Intelligence also reported that Revolut, the global financial super-app with more than 18 million customers worldwide, appointed Allianz Partners, a leading B2B2C insurance and assistance services company, as its new global travel insurance services provider. As of April 2022, Allianz Partners will provide its comprehensive travel insurance services to Revolut customers who hold a Premium or Metal Account, initially in 31 markets across The European Economic Area and the UK.