API platform Tink raises €56m and expands in Europe
Stockholm-based Tink, the open banking platform, has completed a €56 million investment round led by Insight Venture Partners, as it expands its presence and products in Europe in five new markets.
Also participating were existing investors Sunstone, SEB, Nordea Ventures and ABN Amro Digital Impact Fund. They were joined by new investors Christian Clausen, former chairman of the European Banking Federation, and Nikolay Storonsky, founder of Revolut.
With this new announcement, Tink launches in five new markets, bringing its offering to a total of nine: the Nordics, the UK, Austria, Germany, Belgium and Spain.
“This funding round allows us to accelerate our European roll-out but also invest further in our data-services,” says Daniel Kjellén, co-founder and CEO, Tink. “We attribute our success to being the first platform provider to combine account aggregation and payment initiation, the scale of our connectivity and our smart data products that make it all understandable.”
Tink aims to be present in 20 markets by the end of 2019, providing customers from big banks to individual developers with its infrastructure and growing product portfolio. Its plans to expand throughout Europe was announced back in 2017.
Currently, the company employs 150 people at its Stockholm headquarters. Having recently opened an office in London, it will now look to establish four more offices this year, doubling its European team to around 300.