Tink bags €56m for European expansion
Written by Peter Walker
Tink has announced an investment round of €56 million, led by Insight Venture Partners.
The Swedish personal financial management startup plans to use the funding to push its platform into more European markets via the second Payment Services Directive (PSD2) or Open Banking changes.
The company will also embark on a major recruitment programme, growing from 150 staff to more than 300.
“The money means we can expand from two offices in Europe to five, so we can be closer to our customers,” read a statement from co-founders Daniel Kjellén and Fredrik Hedberg. “It means we can double our connectivity to achieve full European coverage, and it means we can add even more products to our cloud-based platform.”
Along with Insight, former Nordea chief executive and European Banking Federation chairman Christian Clausen, and Revolut founder Nikolay Storonsky were also amongst investors.
Last April, Tink launched its application programming interface (API) platform, granting developers in companies of all sizes, across any sector, access to its technology.
This will allow developers to use the account aggregation and categorisation products via a self-serving platform, with access to financial data from more than 300 banks in a single API, once the end user has given their consent for this data to be accessed.