Swedish personal finance app outfit Tink has raised $4 million in Series A funding to expand internationally and recruit new staff.
Launched in Sweden in September 2013, Tink has attracted over 200,00 users, who use the app to track spending from their bank accounts and credit cards. Available for both iOS and Android phones, the Tink app continuously collects, analyses and sorts user spending across account to provide a live feed of how people are spending their money.
"Personal finance doesn't have to be boring or time consuming. We make something that in just seconds gives you valuable, fun and actionable information about your spending" says Tink CEO Daniel Kjellén. "The fact that Tink is fully automated and everything is presented in a feed format makes it useful even if you only have two minutes to spare. We think this is key to why the typical users is a 23 year old female, using Tink two-to-three times per week."
The $4 million in funding was led by Sunstone Capital, with participation from financial entrepreneur Sven Hagströmer and existing investors. The investment will be used by Tink to expand internationally, to further develop the product and to recruit new talent.
Christian Lindegård Jepsen, general partner and co-founder of Sunstone Capital, will join seed round investor Nicklas Storåkers, former CEO of Avanza Bank, on Tink's board of directors.
"Personal finance is of huge importance for most people and Tink has approached this in a totally new way, making it fully automated and with a beautiful UI thus appealing new audiences" says Jepsen. "The market reception in Sweden has been fantastic and I have no doubt we will see the same level of adoption throughout Europe and eventually the US."