Less than a week away from its return to the Finovate stage, open banking platform Tink has raised $63 million (€56 million) in new funding. The investment, the largest for the Stockholm, Sweden-based fintech, was led by Insight Venture Partners and will help power the company’s growth plans.
Also participating in the Series C were current investors Sunstone, SEB, Nordea Ventures, and ABN AMRO Digital Impact Fund. New investors Christian Clausen, former Chair of the European Banking Federation, and Nikolay Storonsky, founder of fellow Finovate alum, Revolut, were involved in the round, as well.
“This funding round allows us to accelerate our European roll-out but also invest further in our data services,” Tink co-founder and CEO Daniel Kjellén said. “As Europe gradually embraces open banking, our platform has proved to be its rails and brains – delivering the technology that makes it possible.”
Kjellén also credited the company’s success to being “the first platform provider to combine Account Aggregation and Payment Initiation, the scale of our connectivity and our smart data products that make it all understandable.”
In addition to the funding news, Tink also announced that it is live in five new markets in Europe, making it possible for developers in the Nordics, the U.K., Austria, Germany, Belgium, and Spain to get access to financial data via Tink’s account aggregation API. The company said it plans to add four more offices this year to accommodate growth, doubling its European workforce to “around 300,” and hopes to have a presence in 20 markets by the end of 2019.
Calling Tink a “category leader” in the field of financial services API providers, Insight Venture Partners Managing Director Teddie Wardi praised the company’s “impressive list of current customers in both fintech and traditional banking” and said Tink was “well positioned” for continued expansion in Europe. “We are excited to welcome Tink into our portfolio and look forward to helping the company drive continued growth,” Wardi said.
Tink demonstrated its platform, which combines aggregation, account information, and payment initiation services to create a virtual banking experience in line with PSD2 regulations, at FinovateEurope 2017, winning Best of Show. Founded in 2012, the company launched its developer platform last spring to make it easier for developers to take advantage of its Account Aggregation and Categorization solutions. Tink also announced a partnership with BNP Paribas Fortis in the first half of 2018, integrating its aggregation, PFM, and payment initiation technology into the bank’s mobile app.
Join Tink as it demonstrates its latest technology live on the Finovate stage next week at FinovateEurope. For more information, including how to get your ticket and save your spot, visit our registration page today.