Swedish open-banking platform Tink has confirmed snagging €90 million, their largest-ever fundraising round. Capital, HMI Capital and Insight Partners led the latest venture round with participation from existing investors Heartcore Capital, ABN AMRO Ventures and BNP Paribas’ venture arm, Opera Tech Ventures. The round also saw new entrant, Italy’s largest financial services network Poste Italiane infusing capital in the company. Prior to this round, the firm had secured €10 million in a corporate round which was led by PayPal Ventures in June last year. The current infusion takes the total amount raised by the firm to around €500 million.
Tink was founded by Daniel Kjellén and Fredrik Hedberg in 2012 as a cloud-based consumer-facing finance app. since it's launch, things have changed a lot and now the firm presents itself as an open banking platform. The company has developed APIs like “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment" that can be used as third-party tools to create standalone apps or integrate them with the existing ones. The firm has a presence in the U.K., Germany, Spain, Italy, Portugal, Sweden, Denmark, Finland, Norway, Belgium, Austria, and the Netherlands.
Daniel Kjellén, the CEO of the firm commenting on how the firm plans to use the firm will use the fresh fund said, “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.”
Dawn Capital general partner Josh Bell talking about the open banking segment and their funding in Tink said, "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. 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.”
Image Courtesy : Tink