Tink Raises €56M
Swedish startup Tink , “the rails and brains of open banking,” has raised €56 million in new funding led by Insight Venture Partners with participation from Sunstone, SEB, Nordea Ventures, ABN AMRO Digital Impact Fund, Christian Clausen, former Nordea CEO and European Banking Federation chairman, and Revolut cofounder Nikolay Storonsky.
Originally launched in 2013 as a consumer-facing money management app, Tink now offers their technology to banks and third parties to create apps and take advantage of the open banking initiative of the European Union. Through various APIs, the startup provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment,” which can be used by third parties to create standalone apps or integrate new services into existing banking apps.
“The industry is undergoing a monumental shift – an exciting one that puts consumers and their data at the centre. We are on a mission to arm all of our customers with the connectivity and products they need to win in this new open world – and usher in a new future for banking.” – Tink.