Swedish Open Banking platform Tink has closed a EUR90 million investment round at a post-money valuation of EUR415 million to supports its continued expansion across Europe.
The latest funding follows a €56 million investment round in February 2019, as the firm strives for pan-European coverage.
Founded in 2012 and headquartered in Stockholm, Tink is currently live in the UK, Germany, Spain, Italy, Portugal, Sweden, Denmark, Finland, Norway, Belgium, Austria and the Netherlands.
Through one API, Tink's technology is designed to give bank customers personalised advice based on their transaction history. The Tink app connects to more than 2500 banks that reach over 250 million bank customers across Europe. The firm's technology has been integrated by leading European players including NatWest, ABN Amro, BNP Paribas Fortis, SEB, Nordea, PayPal and Klarna.
The latest funding round was co-led by two new investors — London-based B2B software venture capital firm Dawn Capital and San Francisco-based investment management firm HMI Capital — together with existing investor Insight Partners. Other participants include Italy’s largest financial services network Poste Italiane as a new investor, as well as existing backers Heartcore Capital, ABN Amro Ventures and BNP Paribas’ venture arm, Opera Tech Ventures.
Daniel Kjellén, co-founder and CEO, Tink, says: “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. Our aim is to become the preferred pan-European provider of digital banking services and to offer the technology needed for banks, fintechs and startups to leverage the opportunities of open banking and enable them to successfully develop financial services of the future."