Swedish PFM platform Tink has completed a a €56 million investment round and rolled its business out to five new European markets as it prepares to take advantage of Open Banking rules.
Insight Venture Partners led the funding round with participation from existing investors Sunstone, SEB, Nordea Ventures and ABN Amro's Digital Impact Fund. They were joined by new investors Christian Clausen, former chairman of the European Banking Federation, and Nikolay Storonsky, founder of Revolut.
Tink's account aggregation API developer portal, which was launched in April last year and provides access to financial data from more than 300 banks in a single API, will now boost its European coverage beyond the Nordics to encompass the UK, Austria, Germany, Belgium and Spain.
Tink's ambition is to further expand its European connectivity to be present in 20 markets by the end of 2019. Rapid growth will be supported by a doubling in the company's European staff to 300 full-time employees and the opening of four new offices alongside its existing presence in the UK and Stockholm.
Daniel Kjellén, co-founder and CEO, Tink, said: “This funding round allows us to accelerate our European roll-out but also invest further in our data-services. As Europe gradually embraces open banking, our platform has proved to be its rails and brains - delivering the technology that makes it possible. We attribute our success to being the first platform provider to combine Account Aggregation and Payment Initiation, the scale of our connectivity and our smart data products that make it all understandable."
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