The Stockholm-based start up plans to double its markets and staff by the end of the year.
Swedish fintech firm Tink has raised €56m as it drives to double the European markets its Open Banking technology operates in by the end of the year.
The Stockholm-based company completed the series C funding round, which included US venture capital firm Insight Venture Partners, as well as Christian Clausen, former chairman of the European Banking Federation, and Revolut founder Nikolay Storonsky.
Tink, founded in 2012, provides technology that allows customers to share information across various bank accounts, manage finances and make payments. Its partners include BNP Paribas, ABN AMRO and Nordea.
Tink’s also said it has launched in five new markets, bringing its total to nine, which “significantly boosts its European coverage”. It now operates in the Nordics, the UK, Austria, Germany, Belgium and Spain.
The start up added it plans to launch in a further 11 markets by the end of the year, bringing its European network up to 20. It said it will also double its staff to 300 over the same period.
Tink’s platform operates under Open Banking, payment services directive and application programming interface (API) rules.
A change in European Union law at the start of the year has ushered in Open Banking, which means consumers can allow businesses, other than their bank, to access their financial data.
Advocates say this potentially allows customers to get better deals, such as cheaper overdrafts, and speed up switching between banks.
Tink co-founder and chief executive Daniel Kjellén said he planned to roll out the platform into “every corner of Europe”.
He added: “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.”
The start up recently opened an office in London, but adds it now plans to open four more offices around Europe by the end of 2019.
Insight Venture Partners managing director Teddie Wardi said: “At Insight we commit a lot of time to looking 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.”
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