Swedish PFM platform Tink has launched an API developer portal providing access to financial data from more than 300 banks in a single API.
While the initial launch will support banks in the Nordics, the platform will soon be rolled out across Europe.
Tink is already live with partners including SBAB, which has launched a ‘mortgage challenger’ by aggregating consumers’ mortgage data via Tink, using information on current mortgage rates to offer a better deal. Another early user, Kreditz applies algorithms to customer account data to build a real time credit score for hire purchase or loan agreements.
The release of the API developer site give the company a head-start on banks, who have been given a two-year timeframe to open up their data to third parties under PSD2.
Fredrik Hedberg, CTO and co-founder at Tink, says: "The ability to aggregate data is what has enabled Tink to grow into the business it is today. We know from experience that there are countless developers out there with brilliant ideas - but innovation has been held back by the lack of access to financial data. Businesses can now come to us and implement something new in just a day, instead of having to wait for banks to open their APIs in two years’ time."
Tink has been live with its consumer app on the Swedish market since 2013, and gained over 500,000 users. Its investors include Creades, Sunstone Ventures, SEB Ventures, Nordea, Nordnet and ABN AMRO Ventures.