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Tink doubles its 2020 funding round with an extra €85m

Lifting the total size of the round to €175m.

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Daniel Kjellén/Tink.

It’s been a bumper year for open banking, with Tink today wrapping up 2020 with a near-doubling of its January €90m funding round.

The fintech today announced it has secured an additional €85m in an extension to the round, taking the total pot to €175m.

This additional funding was led by new investor Eurazeo Growth and existing investor Dawn Capital, while Tink’s long tail of other investors including PayPal Ventures, ABN AMRO Ventures, and BNP Paribas all increased their stakes.

“Despite the difficulties of 2020, it was a year of great growth for Tink,” said Daniel Kjellén, co-founder and CEO of Tink.

“We significantly built out our bank connections across Europe, increasing coverage from 2,500 to 3,400 banks, and now serve more than 300 world-leading financial institutions. We also doubled the fintech users on our platform to 8,000 and increased employees from 250 to 365, in 13 offices across Europe.”

“This funding extension will further facilitate the development of our payment initiation services across Europe, while continuing to deliver new data-products built on open banking technology to our customers.”

During 2020 Tink also made three major acquisitions, including credit decisioning firm Instantor, account aggregation provider Eurobits and UK open banking provider OpenWrks.

Tink also secured several key integrations and partnerships, including with BNP Paribas in January, with Nordic bank Nordea in May and with Europe’s largest utility provider Enel Group in September.

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