Tink, a start up from Stockholm, Sweden that provides an open banking platform for banks and financial institutions using APIs has secured €85 million or US$103 million funding on 11th December 2020.
The investment was co-led by the existing investor, Dawn Capital and the new investor Eurazeo. The funding round also included participation from other investors HMI Capital, Heartcore, PayPal Ventures, ABN AMRO Ventures, the venture arm of BNP Paribas, Poste Italiane and Opera Tech Ventures. The funding comes within a year after the announcement of its US$ 105 million funding in January this year and can be called as the extended capital for the same round. The previous round was led at the valuation of US$ 503 million and post investment the valuation of the company is now US$ 825 million.
The investment will help Tink to boost its continued expansion and carry on the further development of its payment initiation technology.
Josh Bell, general partner at Dawn Capital said, “Tink has emerged as one of the leading open banking platforms of Europe. We have seen the various activities across its network rapidly accelerating in this year with the increase in implementation and adoption of open banking services and products over their platform. We are very happy to support the latest funding of Tink and we are looking forward to work with the Tink team in 2021 for expanding it’s already considerable network of financial institutions, accelerating its account to account payment roll out solutions and continuing delivering exceptional value for its customer base”
The business of the company is based around the payment initiation infrastructure, providing hassle-free integrations for the banking services and thereby making commissions from the transactions taking place. They presently process approximately 1 million transactions in a month in five major markets. Although the value of these transactions or how much profit it makes them is not specified, the current clients of renowned Fintechs include Kivra and Lydia.
The company made three notable acquisitions as a part of its open banking based intelligent data services investment strategy. This includes the Swedish credit decisioning enterprise Instantor, the UK open banking company Openwrks and the Spanish account aggregation service provider Eurobits.
About Tink
Tink, the cloud based platform headquartered in Sweden was founded in 2012 by Daniel Kjellén and Fredrik Hedberg. The company provides value adding data products and infrastructure which enable the financial institutions with open banking services. Its products like payment initiation, personal finance management, account aggregation and data and enrichment are useful for developing the stand alone services and can also be integrated into the existing applications of banks.
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