Tink continues rapid expansion plans as it announces latest open banking integration

Open banking platform Tink has today announced its latest open banking integration. 

The Swedish fintech has been chosen by Enel Group, Europe’s largest utility company, to power its open banking technology. 

Tink’s technology will allow Enel X Financial Services, the financial arm of the Enel Group, to develop financial solutions to target its clients across Europe, with the new services being offered to clients within the next few weeks. 

Giulio Carone, CEO of Enel X Financial Services, said: “This agreement is an important step in our ongoing commitment to become a leading player in the digital banking market, powered by the new possibilities created by open banking, integrated within the Enel ecosystem that embeds services like energy and e-mobility.” 

“Through the partnership with Tink we will be able to support our clients in the daily management of their finances, with an innovative and engaging solution that uses machine learning to provide tailored and personalised advice.” 

Founded in 2017, Enel X Financial Services was awarded its e-money institution licence by the Bank of Italy in December 2018 and provides payment solutions to consumers and corporations. 

Daniel Kjellén, co-founder and CEO of Tink, added: “We are extremely proud to team up with the financial services subsidiary of one of the world’s largest utility companies and become their open banking technology partner.” 

“By teaming up with Enel X Financial Services, we will together and over time make Tink’s open banking technology available to millions of Enel customers across the world. We look forward to supporting Enel X in their mission to become a leading player in the fintech domain.” 

Tink has been on a mission of European domination of late, just last week the open banking firm made its third acquisition of 2020.

The fintech acquired the account aggregation platform of UK-based fintech OpenWrks as well as a strategic partnership which would see Tink onboard several prominent fintechs such as accounting software platform Xero, alternative lender Liberis Finance and financial management app Snoop.

In July, the open banking giant acquired fellow Swedish fintech Instantor, a credit decisioning firm that makes over 5m credit decisions annually, further expanding Tink’s product offering.  

Earlier on this year, Tink bought Spanish account aggregator Eurobits Technologies, which processed over 50m transactions across Europe and South America and allowed Tink to expand into four new markets.  

All three acquisitions were made using a slice of Tink’s$90m funding round that it closed in January 2020, in which PayPal strategically invested an undisclosed amount.  

Tink is one of the open banking providers in Europe, connecting to more than 2,500 banks that reach over 250m bank customers across the continent.