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Tink, the European open banking platform, scores €56M in new funding

Tink, the European open banking platform headquartered in Sweden, has deposited €56 million in new funding. Leading the round is U.S.-based Insight Venture Partners. Existing backers Sunstone, SEB, Nordea Ventures and ABN AMRO Digital Impact Fund also participated.

A number of other investors have been added to Tink’s cap table, too. They include Christian Clausen, former Chairman of the European Banking Federation, and — most notably — Nikolay Storonsky, co-founder of banking app and fintech ‘unicorn’ Revolut. According to sources, the new round of funding gives Tink a post-money valuation of €240 million.

Originally launched in Sweden in 2013 as a consumer-facing finance app with bank account aggregation at its heart, Tink has since repositioned its offering to provide the same underlying technology and more to banks and other financial service providers who want to ride the open banking/PSD2 train.

Through various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment”. These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.

To that end, Tink says its developer platform is launching in five new markets, significantly boosting the fintech’s European …read more

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