Tink, a Stockholm, Sweden-based open banking platform, received a strategic investment from PayPal (NASDAQ: PYPL).
The amount of the deal was not disclosed.
The company intends to use the funds to continue its expansion across Europe.
With this investment, PayPal has agreed to partner with Tink to leverage its Account Aggregation technology to improve product experiences for PayPal customers.
Founded in Stockholm in 2012 by Daniel Kjellén, CEO, Tink provides partners ranging from big banks to individual developers with a cloud-based technology platform to securely access financial data from across Europe to enable innovative digital financial services. Currently consisting of Account Aggregation, Payment Initiation, Personal Finance Management and Data Enrichment – the company’s products can be used to develop standalone services or be integrated into existing banking applications.
The technology currently powers leading European players including NatWest, ABN AMRO, BNP Paribas Fortis and Klarna.
The company has 160 employees and its partners include NatWest, PayPal, SEB, ABN AMRO, BNP Paribas Fortis, Nordea and Klarna.
Backers included Insight Venture Partners, Sunstone, SEB, Creades, Nordea Ventures and ABN AMRO Digital Impact Fund.