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Tink gets second PayPal investment

Tink gets second PayPal investment

Swedish Open Banking platform Tink is set to take full advantage of PSD2 after expanding its partnership with PayPal to include all countries in the European Economic Area. The US payments giant is also making a second strategic investment in Tink.

Founded in 2012 and headquartered in Stockholm, Tink offers an API that allows bank customers to access to aggregated financial data, initiate payments, enrich transactions and build personal finance management tools.

The Tink app connects to more than 2500 banks that reach over 250 million bank customers across Europe. The firm's technology has been integrated by leading European players including NatWest, ABN Amro, BNP Paribas Fortis, SEB, Nordea, PayPal and Klarna.

Already operating in the UK, Germany, Spain, Italy, Portugal, Sweden, Denmark, Finland, Norway, Belgium, Austria and the Netherlands, the PayPal deal brings Tink to more European countries.

Coming a year after PayPal first put money into Tink, the new investment is connected to the Swedish outfit's EUR90 million January round.

Daniel Kjellén, CEO, Tink, says: "As Europe’s leading open banking platform, we are looking forward to continuing to support PayPal as they extend and enhance their services across the whole of Europe."

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