Swedish startup Tink has raised $4 million in a Series A funding round to help drive the development of its personal finance mobile app.

Tink said it would use the investment to expand internationally, further develop the product and recruit new talent.

Available on iOS and Android, the mobile app is designed to give users insights about their personal finances. It collects, sorts and analyses data so people can detail their outgoings and set savings targets.

Since its launch in Sweden in September 2013, over 200,000 people – 2 per cent of the country’s population – have set up a Tink account.

“Personal finance doesn’t have to be boring or time consuming. We make something that in just seconds gives you valuable, fun and actionable information about your spending,” explained Tink CEO and co-founder Daniel Kjellén.

“The fact that Tink is fully automated and everything is presented in a feed format makes it useful even if you only have two minutes to spare.”

The Series A funding round was led by Sunstone Capital, with participation from financial entrepreneur Sven Hagströmer and existing investors.

Christian Lindegård Jepsen, general partner and co-founder of Sunstone Capital, will join seed round investor Nicklas Storåkers, former CEO of Avanza Bank, on Tink’s board of directors.

Jepsen said: “Personal finance is of huge importance for most people and Tink has approached this in a totally new way. The market reception in Sweden has been fantastic and I have no doubt we will see the same level of adoption throughout Europe and eventually the US.”

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