Personal finance app Tink raises $10 million from Creades and SEB to launch a virtual bank

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Sweden’s personal finance app Tink announced yesterday that they closed their Series B funding led by Creades and SEB that together with ABN AMRO and Sunstone Capital invests $10 million in Tink. The fresh capital will be used for the launch of a virtual bank and for international expansion.

Since the launch in Stockholm two and a half years ago, Tink has become one of Europe’s largest personal finance apps with over 400,000 users. Tink allows the user to collect all his/her banks and payment cards in a single app, making it easy to keep track of all finances.

Now Tink is breaking new ground and will shortly launch Tink 2.0 that allows the user to manage his/her money across any account in any bank. Users will be able to do all the regular banking – such as transfer money, make payments, scan and approve bills – through any bank directly in the Tink app.

Fredrik Hedberg, founder and CTO of Tink explains: “Ultimately, it’s about building a virtual bank, helping people with banking without being a bank – the consumer will not only get a better understanding, tips and advice on his/her finances, but also the ability to take action on it”.

The financing is led by Creades, an investment firm which has previously been involved in the creation of innovative fintech companies like Avanza and Klarna. SEB, one of the other investors, is not only one of the largest and most digitally progressive banks in the Nordics but also early investors in fintech company like iZettle.