Tink now in all European countries as PayPal makes second strategic investment

Swedish open banking platform Tink has revealed a previously unannounced a second strategic investment from payment provider giant PayPal.

The investment was joined by an expanded partnership that will see Tink’s open banking and account aggregation services available to some users in all countries within the European Economic Area (EEA) through PayPal’s platform.

PayPal’s investment is part of Tink’s record $90m funding round that was announced in January of this year, although it is unclear how much of this round was from PayPal.

Daniel Kjellén, co-founder and CEO of Tink, said: “PayPal is one of the world’s leading fintech companies, serving more than 330 million consumers and merchants in more than 200 markets worldwide.” 

“We are honoured to have been selected to help this global leader and delighted to have the opportunity to extend our relationship with them following this new agreement and strategic investment,” he added.

Despite the economic turmoil created by the coronavirus crisis, Tink has long set its sight on wider European expansion and in March Kjellén told AltFi that the fintech had “seen no tangible impact of coronavirus.”

Following the closure of its $90m funding raise, Tink and French bank BNP Paribas announced a strategic partnership to implement Tink’s solutions for account aggregation, payment initiation and personal finance management in Belgium and Italy.

In March, the Swedish fintech revealed it had acquired Spanish account aggregator Eurobits seeing Tink’s services now be available in additional markets across both Europe and Latin America.

Most recently, Tink partnered with Nordic bank Nordea to allow the latter’s customers to access a comprehensive view of their finances, including mortgages, savings, loans and current accounts.

Update 03-06-2020 - Article was updated to more accurately describe the nature of Tink and PayPal's partnership.