Sweden-based open banking platform Tink announced it has closed an extension on the venture round it landed in January. The additional $103 million (€85 million) brings Tink’s total funding to almost $310 million.
According to CNBC, the investment boosts Tink’s valuation to $824 million.
The new round was co-led by new investor Eurazeo Growth and existing
investor Dawn Capital. Other existing investors PayPal Ventures, HMI Capital, Heartcore, ABN AMRO Ventures, Poste Italiane, and Opera Tech Ventures also contributed.
Tink will use the new round to fuel its expansion and further develop its payment initiation technology. Company CEO and Co-founder Daniel Kjellén noted that Tink has seen an impressive amount of growth this year. “We significantly built out our bank connections across Europe, increasing coverage from 2,500 to 3,400 banks, and now serve more than 300 world-leading financial institutions,” he said. “We also doubled the fintech users on our platform to 8,000 and increased employees from 250 to 365, in 13 offices across Europe.”
This growth comes after Tink’s recent three key acquisitions, including Swedish credit decisioning firm Instantor, Spanish account aggregation provider Eurobits, and the aggregation platform of U.K. open banking pioneer, OpenWrks.
Founded in 2012 and headquartered in Stockholm, Tink has more than 350 employees and is currently serving its clients out of 13 local offices across Europe. The startup operates in Sweden, U.K., France, Spain, Germany, Italy, Portugal, Denmark, Finland, Norway, Belgium, Austria and the Netherlands. Tink most recently demoed at FinovateEurope 2019 where it showcased its API platform.
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