Swedish FinTech Tink signs deal with major bank
Written by Anthony Strzalek
Swedish FinTech company Tink has signed agreements with three European financial institutions including the bank Nordea, Klarna and Nordnet as well as announcing €14 million in new investments.
The agreements will enable the banks to integrate Tink’s aggregation and payment technology and Personal Finance Management (PFM) platform within their existing customer channels.
The new banks join Sweden’s SEB and the Dutch ABN Amro who partnered with and invested in Tink in 2016. SEB has already integrated Tink’s technology into their mobile banking app, and the FinTech firm has also launched and developed ABN Amro’s PFM app Grip in 2016.
Tink’s proprietary aggregation and payment initiation technology draws information from multiple sources and uses analytics to help customers make smart choices that improve their finances.
In addition to the partnership agreements, SEB, Nordea, Nordnet, ABN Amro, Creades and Sunstone have invested €14 million in Tink. This follows a successful €8.5 million funding round in 2016 from Sweden’s SEB, Sunstone and Creades, as well as Dutch ABN Amro.
Daniel Kjellén, co-founder and CEO of Tink, said: “We will be live in 10 European markets at the beginning of 2018 and are excited to be working with new customers who, like us, want to improve the consumer experience and build a world where managing money is effortless and rewarding.
“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.”