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Portugal’s banking heavyweight, Caixa Geral de Depósitos (CGD), has inked a new partnership with Swedish open banking platform Tink, reports Tanya Andreasyan of Fintech Futures (Finovate’s sister publication).
CGD’s newly launched app – Dabox – has Tink’s products integrated into it, namely aggregation payment initiation, data enrichments and personal finance management (PFM). Tink’s cloud-based open banking platform will underpin the app, which is now being rolled out to CDG’s domestic customer base of four million people. The vendor said it will help customers “to make smarter financial decisions.”
Tink has been working with Portugal-based payments processor SIBS, helping the country’s APIs to meet the standard required under PSD2 regulations. The implementation period took six months in total, says Tink, including integrating the PSD2 APIs, applying machine learning (ML) to all categories and launching PFM in Dabox.
“The open banking movement is fundamentally changing the financial services industry – transforming how millions of customers engage with banking services,” said Daniel Kjellén, co-founder and CEO of Tink. He described CGD as “a forward-thinking partner” and says Dabox will give CGD’s customers “a complete overview of their financial lives.”
The new app, which is launched today (24 September) will enable users to see their current accounts from all Portuguese banks and make payments and transfers between these accounts.
CGD “is undergoing a major digital transformation,” said Maria João Carioca, executive board member of CGD. Tink – “an innovative and challenging partner” – will enable the bank “to combine innovation and a ‘fresh look’ on the financial business with the universal service and trustworthiness that have been CGD’s trademark,” Carioca added.
CGD is largest bank in Portugal, wholly owned by the state since its inception back in 1876. It is a universal bank offering commercial and investment banking, asset management and specialised financing services. It has total assets of over €91 billion.
Founded in Stockholm in 2012, Tink has 250 employees and works with the likes of PayPal, NatWest, SEB, ABN Amro, BNP Paribas Fortis, Nordea and Klarna. Insight Venture Partners, Heartcore Capital, SEB, Creades, Nordea Ventures, ABN Amro Digital Impact Fund and PayPal are investors in Tink.
Swedish open banking solution provider Tinkannounced today that PayPal is its latest investor and customer. In a blog post sharing the news, the Swedish company called the investment and partnership a “major vote of confidence in our tech and an indicator of the strength of the open banking movement in Europe.”
Today’s investment from PayPal adds $11.2 million (€10 million) to Tink’s capital, boosting the fintech’s funding total to more than $105 million. As Tink’s newest partner, the payments giant plans to leverage Tink’s account aggregation technology to enable its European customers to connect their bank accounts to their PayPal accounts.
“It’s a testament to the versatility of our technology,” the company wrote on its blog on Tuesday, “it can be implemented to improve a range of use cases for businesses big and small.”
Offering account aggregation and payment initiation services via a single, API integration – as well as data enrichment and categorization and PFM services – Tink empowers fintechs to maximize the opportunities of open banking. More than 1,400 developers are using Tink’s API platform to access financial data from hundreds of banks and financial institutions in markets across Europe. This access is paving the way for what the company called “the next generation of financial services.”
VP of global markets and partnerships for PayPal, Jennifer Marriner echoed Tink’s enthusiasm for the transformative potential of open banking. “Tink has developed the infrastructure and data services for this new financial world – and we’re excited to work together to continue to democratize financial services,” she said.
Today’s funding will help drive Tink’s continued expansion across Europe. In recent months, the fintech has partnered with NatWest in the U.K., Mash in Finland, and Lunar Way in Denmark. The company began the year with both a big funding – picking up $63 million (€56 million) in a round led by Insight Venture Partners – and a big expansion, going live in five new European markets. Tink demonstrated its API platform at FinovateEurope earlier this year. Founded in 2012, the company has 150 employees and 500,000 users of its PFM app.
PayPal and BraintreepresentedMaking Payments Fun at our developers conference, FinDEVr Silicon Valley, in 2014. PayPal also demonstrated its Instant Account Creation solution at FinovateEurope 2012. Trading on the Nasdaq under the ticker symbol PYPL, PayPal has a market capitalization of $127 billion. The San Jose, California-based company was founded in 1998.