PayPal reveals its involvement in Tink’s €56m Series D

As part of its Series D in February Swedish fintech Tink posted an impressive roster of investors including Insight Venture Partners, Christian Clausen, former chairman of the European Banking Federation, and Revolut founder Nikolay Storonsky.

Now there’s a new name on the list as PayPal this morning revealed that it participated in the round and has also signed a partnership with Tink.

PayPal joins Tink’s client list of NatWest, BNP Paribas Fortis, ABN AMRO, Nordea and Klarna which all use its services which include account aggregation and personal finance management.

“Open banking is transforming financial services, allowing customers to more easily move and manage their money,” said Jennifer Marriner, PayPal’s VP of global markets and partnerships.

“Tink has developed the infrastructure and data services for this new financial world and we’re excited to work together to continue to democratise financial services.”

PayPal’s involvement in Tink’s €56m Series D is understood to be a sizable €10m chunk.

“The investment is an indicator of the strength of the open banking movement, and it puts us firmly on the path towards our expanded connectivity goals,” said Daniel Kjellén, co-founder and CEO of Tink.