Tink secures investment and bank partners as it plans European expansion
Swedish fintech company Tink has signed with Nordic banks Nordea, Klarna and Nordnet. Integrating in 2018, the banks will use Tink’s payment technology and personal finance management (PFM) platform within their existing customer channels.
The new banks join Sweden’s SEB and the Dutch ABN Amro, which partnered with and invested in the fintech in 2016. SEB integrated Tink’s technology into its mobile banking app, and Tink has also launched and developed ABN Amro’s PFM app Grip in 2016.
According to Tink, its proprietary aggregation and payment initiation technology draws information from multiple sources and uses analytics to help customers make smart choices in the present that improve their finances for the future.
In addition to the partnership agreements, SEB, Nordea, Nordnet, ABN Amro, Creades and Sunstone has invested €14 million in Tink. This follows a successful €8.5 million funding round in 2016. SEB continues to be the largest owner besides Tink’s founders, Sunstone and Creades.
Tink is also an active supporter of the EU’s revised Payment Services Directive (PSD2) legislation and has campaigned for greater consumer access to their financial data.