Nordea is among a clutch of banks to have taken an equity stake in and signed a licensing deal with Swedish PFM startup Tink.
Nordea's interest in Tink follows a significant contribution by SEB and ABN Amro in a $10 million funding round sealed by the startup in May last year.
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.
Topi Manner, head of personal banking at Nordea, says: “Tink is a very unique financial aggregator. The company found an easy way to visualize and keep up to speed with all financial transactions. At Nordea, we always aim to offer our customers the best possible digital user experience. Through this partnership, we take a huge leap in realising our ambition."
The smart budgeting features enabled by Tink will be gradually phased into the bank's mobile app across the Nordic countries, he adds.
“Over the coming years, regulations such as PSD2 will change the financial services industry," says Manner. "The Tink partnership will make us better prepared to meet those changes."
The deal with Nordea comes amidst a couple of other contracts with Klarna and Nordnet. In addition to the partnership agreements, SEB, Nordea, Nordnet (in the first funding deal from its recently launched fintech venture fund), ABN Amro, Creades and Sunstone have invested a further €14 million in Tink.
Daniel Kjellén, co-founder and CEO, Tink, says: “We see today’s announcement as evidence of a new generation of bank and fintech partnerships. By working together, we are paving the way for a new era of banking in Europe - unlocking the market to create greater choice and a better deal for consumers.”