SEB and ABN Amro join $10 million round in PFM startup Tink
19 May 2016 | 9677 views | 0
Sweden's SEB has contributed $4.2 million to a $10 million funding round in local PFM outfit Tink, making it the fifth-largest shareholder in the 10-person startup.
The Tink app continuously collects, sorts and analyses consumer spending into definable categories and provides user-defined budgets and alerts when a maximum spending limit is reached.
SEB says it will integrate Tink's technology into the next version of its mobile app, which will be launched in November.
SEB's Christoffer Malmer, co-head for division corporate and private customers, says: "The combination of our integrated offering and Tink's functionality is a good example of how established banks and fintech companies can create customer benefits together.”
Tink has already secured a deal with ABN Amro to push the technology to 10,000 of the bank's iPhone mobile customers ahead of a general release.
ABN Amro joined SEB with support from Creades and Sunstone Capital in the $10 million Series B round.
Tink, which claims 300,000 users in its home market of Sweden, will soon launch a new version of the popular app that will enable users to manage their money across any account in any bank.
Fredrik Hedberg, founder and CTO of Tink, says: "Ultimately, it's about building a virtual bank, helping people with banking without being a bank - the consumer will not only get a better understanding, tips and advice on her finances, but also the ability to take action on it."