PayPal has made a strategic investment in Swedish Open Banking platform Tink as part of a wider partnership between the two firms. Terms of the investment were not disclosed.
Tink's technology, which is designed to give bank customers personalised advice based on their transaction history, has been integrated by leading European players including NatWest, ABN Amro, BNP Paribas Fortis and Klarna.
The firm has been aggressively pursuing European expansion after raising EUR56 million earlier this year. Now it has received an extra cash boost from PayPal which has also agreed to tap the startup's account aggregation technology to "improve product experiences for PayPal customer".
Jennifer Marriner, VP, global markets and partnerships, PayPal, says: “Open banking is transforming financial services, allowing customers to more easily move and manage their money. Tink has developed the infrastructure and data services for this new financial world and we’re excited to work together to continue to democratise financial services.”
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