Tink raises $63.5M to expand open banking platform

Feb. 7, 2019

Tink, a Stockholm-based open banking platform, has raised $63.5 million (56 million euros) in an investment round led by Insight Venture Partners, according to a press release.

Existing investors Sunstone, SEB, Nordea Ventures and ABM Amro Digital Impact Fund participated in the round. Two new individual investors, Christian Clausen, former chairman of the European Banking Federation and Nikolay Storonsky, founder of Revolut, also participated.

Tink's developer platform will expand to five markets, bringing the total number of markets to nine, including the Nordics, the U.K., Austria, Germany, Belgium and Spain, through its account aggregation API.

Tink said the investment will help fund further expansion, as it plans to be in 20 European markets by the end of 2019 and will increase the number of workers to 300 and open four new offices. The company has 150 employees at its headquarters. The company did not disclose where it plans to open offices.

"As Europe gradually embraces open banking, our platform has proved to be its rails and brains — delivering the technology that makes it possible," Daniel Kjellen, co-founder and CEO, said in the release.

Topics: Financial News, Mobile Banking, Region: EMEA

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