Tink raises €90 million
Open banking platform Tink has completed a €90 million investment round co-led by Dawn Capital, HMI Capital and Insight Partners. The round also includes the incumbent postal operator and Italy’s largest financial services network Poste Italiane as a new investor, along with existing investors Heartcore Capital, ABN AMRO Ventures and BNP Paribas’ venture arm, Opera Tech Ventures.
Founded in 2012, Tink is in the space of Plaid Technologies which was acquired by Visa last week for $5.3b. Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions and build personal finance management tools. The startup’s platform, which is used by more than 4,000 developers, powers some of the world’s leading banks and fintechs, including PayPal, Klarna, NatWest, ABN AMRO, BNP Paribas Fortis, Nordea and SEB.
Tink is currently live in the UK, Germany, Spain, Italy, Portugal, Sweden, Denmark, Finland, Norway, Belgium, Austria and the Netherlands and has more than 270 employees.
“The investment round will facilitate our ambitious growth plans over the next year and beyond. During 2020 we are committed to building out our platform with more bank connections and, on top of that, expanding our product offering. Our aim is to become the preferred pan-European provider of digital banking services and to offer the technology needed for banks, fintechs and startups to leverage the opportunities of open banking and enable them to successfully develop financial services of the future. Two key factors for succeeding with that are that we strengthen our European coverage and continue to deliver new data-products on top of this infrastructure to our customers.” – Daniel Kjellén, cofounder and CEO of Tink.
“As the world of banking undergoes a fundamental shift, from analog to digital and from closed to open, banks and financial services require a new set of technical foundations on which to build a winning product strategy for the coming decades. Tink has become a trusted partner amidst growing demand from Europe’s leading banks and fintechs seeking to build better and more creative financial products and services. Our investment underlines the confidence that the industry has in Tink’s category leading technology, and we look forward to supporting them on their continued journey.” – Josh Bell, General Partner, Dawn Capital.