Swedish fintech Tink secures biggest funding round to date

Swedish fintech Tink has secured €90m (£77m) of fresh funding, its biggest funding round to date, as it plots further European expansion and looks to bolster its Open Banking platform.

Tink's pitch to banks, fintechs and startups is to use one API which allows their customers access to aggregated financial data, initiate payments, and build financial management tools.

The fresh investment, which was co-led by B2B Software venture capital company Dawn Capital and San Francisco investment company HMI Capital, along with funds from the New York-based investment firm Insight Partners, an existing investor, follows a €56m (£48m) funding round in February this year.

Other investors include Italy’s largest financial services network Poste Italiane, a new investor, as well as existing investors Heartcore Capital, the VC firm, ABN AMRO Ventures and BNP Paribas’ venture arm, Opera Tech Ventures.

Currently, Tink's technology is used by banks and fintechs including PayPal, Karma, NatWest, ABN AMRO and BNP Paribas Fortis. 

Its Open Banking platform is used by over 4,000 developers.

Set up in 2012, Tink now has a presence in the UK, Germany, Spain and a number of European countries, along with its native Sweden.

Daniel Kjellén, co-founder and CEO, Tink,(pictured) 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 analogue 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.”