Tink, the Swedish FinTech that wants to create a European-wide open banking platform, announced Thursday (Feb. 7) that it raised 56 million euros — or $64 million — in a deal led by Insight Venture Partners.
In a blog post, Daniel Kjellén and Fredrik Hedberg, co-founders of Tink, said the funding was its largest capital raise to date and strengthens its position as it pushes to become the leading open banking platform in Europe. Tink makes an app that gives consumers a picture of their spending across different bank accounts. It also licenses the technology to banks, FinTechs and developers that want to develop digital banking services.
“There’s been a major shift in banking. The new digital infrastructure has created a world of possibility — moving us away from bank branches and toward smart services that better meet our needs for personal, convenient experiences. People don’t have to settle for a bad experience anymore — they have the power to choose their financial services and the choice is out there for them to make,” wrote the co-founders in the blog. The entrepreneurs said that Tink has been part of this change, pushing the European Union to put legislation in place that would open the banking industry up to more competition and building a platform that gives banks, FinTechs and developers the ability to create new financial services.
Tink said it will use proceeds from the funding to increase its current workforce of 150 to more than 300, expand from two offices in Europe to five and double its connectivity so that it has full Europe coverage.
“Our customers will have the ability to finally overcome legacy hurdles and offer cross-border financial products and customer experiences — without multiple partners for each country and complex integrations. It’s just one API integration, and they get access to our whole platform,” the co-founders said.
Other investors in the round include Nordea CEO and European Banking Federation Chairman Christian Clausen, and Revolut Founder Nikolay Storonsky, noted Tink in the blog post.