Tink, a Stockholm, Sweden-based open banking platform that enables banks, fintechs and startups to develop data-driven financial services, received a strategic investment from PayPal (Nasdaq: PYPL).
The amount of the deal was not disclosed.
Tink and PayPal also extended commercial agreement which now includes all countries within the European Economic Area (EEA).
This second strategic investment from PayPal was carried out in connection to Tink’s latest €90m investment round that was announced in January 2020. PayPal’s first strategic investment in Tink was made in June 2019.
Founded in 2012 by Daniel Kjellén, CEO, Tink leverages an API that allows customers to access aggregated financial data, initiate payments, enrich transactions and build personal finance management tools. The company connects to more than 2,500 banks that reach over 250 million bank customers across Europe.
Tink has 270 employees who serve 14 European markets out of 13 offices.