Best of Show winner Tink has forged a partnership with BNP Paribas Fortis that will integrate its aggregation, PFM, and payment initiation technology into the Belgian bank’s mobile banking applications. The integration will enable the aggregation of all financial data typically available on mobile banking apps and pave the way for new offerings for customers pursuant to the EU’s new, payment services directive (PSD2).
“We are beyond excited to partner with such a forward leaning bank as BNP Paribas Fortis,” Tink CEO Daniel Kjellén said. “Our product is in great hands since we share the view on how the future of open banking will be.”
In a statement, Tink said the first stage of the partnership will include the release of a new, multi-banking app for Hello Bank! in the summer of 2018. Tink and BNP Paribas Fortis will collaborate on updating the bank’s Easy Banking mobile app by the fall.
“The partnership is proof of a retail banking market that is becoming fully transparent and customer centric, where the innovators who choose to invest early in technology will gain insights that can attract new customers and expand existing ones,” Kjellén said.
BNP Paribas Fortis CEO Max Jadot said that collaboration with “successful FinTechs” and integrating those technologies into their ecosystem was “part of the DNA” of the bank. “We strongly believe that technology and changing legislation, such as PSD2, offer exciting opportunities for banks and their clients,” Jadot said. “Clients of banks can expect increased convenience and remain at all times in control of their data.”
A subsidiary of BNP Paribas founded in 1990, BNP Paribas Fortis is the largest bank in Belgium, and is the latest bank to partner with Tink. The Swedish fintech made agreements with Nordea, Nordnet, and fellow Finovate alum Klarna in 2017, and added SEB and ABN AMRO as partners in 2016.
Tink demonstrated its technology at FinovateEurope 2017, winning Best of Show for its independent PFM app that combines aggregation and account information with payment initiation services. Last fall, the company picked up an investment of $16.5 million in a round that brought its total capital to $30.5 million. Founded in 2012 and headquartered in Stockholm, Tink earned a spot on CB Insights’ Fintech 250 list last summer. The company has 50 employees and more than 400,000 Swedish users of its app.