Tink to power subscription app Dyme’s European expansion
By Megha Bhattacharya
Open banking Tink has teamed up with Dutch subscription app Dyme with an aim to expand the latter’s money-saving service across Europe. Dyme aims to expand its services in the UK and Germany. The collaboration will enable Dyme to leverage Tink’s account aggregation technology in the UK and Germany for connecting people’s bank accounts within the app.
Joran Iedema, founder of Dyme, said, “Many people have a blind spot when it comes to knowing exactly where their money goes every month, due to such rapid growth in the subscription economy. We want to change that by doing the tedious financial tasks that people
don’t want to do themselves. Our partnership with Tink allows us to take what we have built successfully in the Netherlands, and seamlessly roll it out in the UK and Germany, in a timeframe that would have been impossible otherwise. This is the first step in our expansion across Europe, with more markets to follow.”
According to Dyme, the collaboration will enable it to calculate which subscriptions or recurring costs users have, such as energy, mobile, insurance, or streaming services. Users can then decide whether they want to save money by letting Dyme re-negotiate or switch their service to a better deal, or cancel their subscription in one click.
Jerome Albus, regional director France & Benelux at Tink, added, “Subscriptions and recurring costs take up what seems like an ever increasing part of people’s expenditure. Dyme has proven the service it offers to its users is valued, and we look forward to helping them take this to many more people across Europe.”
Recently, Tink announced that it has completed an €85 million investment round extension, following its €90 million investment round in January. This investment brings the total funding secured by Tink, during 2020, to €175 million. The investment round was co-led by European growth equity player Eurazeo Growth, and current investor, London-based B2B software venture capital firm Dawn Capital. The round also saw the participation of existing investors such as PayPal Ventures, HMI Capital, Heartcore, ABN AMRO Ventures, Poste Italiane and BNP Paribas’ venture arm, Opera Tech Ventures.