Stockholm-based Tink secures €90 million to expand its open banking platform further across Europe

Today the Swedish startup Tink announces it has completed a €90 million investment round, co-led by Dawn Capital, HMI Capital and Insight Partners. 

Tink, founded in 2012, is one of Europe’s leading open banking platforms that enables banks, fintechs and startups to use data to develop smart, personalised and “delightful” financial services. Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions and build personal finance management tools. Tink connects to more than 2,500 banks and fintechs, including PayPal, Klarna, NatWest, ABN AMRO, BNP Paribas Fortis, Nordea and SEB, overall reaching over 250 million bank customers across Europe. The open banking platform is also used by more than 4,000 developers. 

With its headquarters in Stockholm, Tink has more than 270 employees and serves 14 European markets out of its additional offices in London, Paris, Helsinki, Amsterdam, Warsaw, Madrid, Copenhagen, Milan, Oslo and Lisbon. The new funding will fuel Tink’s continued expansion across Europe and support further development of its open banking platform.

The investment round was co-led by two new investors: London-based B2B software venture capital firm Dawn Capital and San Francisco-based investment management firm HMI Capital. The round also had participation from existing investors Insight Partners, Heartcore Capital, ABN AMRO Ventures and BNP Paribas’ venture arm, Opera Tech Ventures, in addition to another new investor, Poste Italiane.

Daniel Kjellén, co-founder and CEO, Tink, said: “The investment round will facilitate our ambitious growth plans over the next year and beyond. During 2020 we are committed to building out our platform with more bank connections and, on top of that, expanding our product offering. Our aim is to become the preferred pan-European provider of digital banking services and to offer the technology needed for banks, fintechs and startups to leverage the opportunities of open banking and enable them to successfully develop financial services of the future. Two key factors for succeeding with that are that we strengthen our European coverage and continue to deliver new data-products on top of this infrastructure to our customers.” 

Josh Bell, General Partner, Dawn Capital, added: “As the world of banking undergoes a fundamental shift, from analog to digital and from closed to open, banks and financial services require a new set of technical foundations on which to build a winning product strategy for the coming decades. Tink has become a trusted partner amidst growing demand from Europe’s leading banks and fintechs seeking to build better and more creative financial products and services. Our investment underlines the confidence that the industry has in Tink’s category leading technology, and we look forward to supporting them on their continued journey.”

Tink is no stranger to funding rounds. This round follows Tink’s €56 million investment round in February 2019, which makes today’s funding Tink’s largest to date. The team also raised €3.6 million Series A in 2014, and €9 million Series B in 2016, and €14 million Series C in 2017.

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