Tink co-founders CEO Daniel Kjellen and CTO Fredrik Hedberg
Tink said it raised $99.8 million (90 million euros) in its largest-ever funding round, led by Dawn Capital, HMI Capital and Insight Partners, and will use the funds to develop new products for its open banking platform and continue to expand across Europe.
The Stockholm-based firm enables thousands of banks, fintechs and startups to develop data-driven financial services through a single API, including initiating payments, developing personal financial management tools and accessing aggregated financial data.
“We are looking to expand across Europe as quickly as possible, but we are still deciding which countries our next expansion will be to,” Daniel Kjellen, co-founder and CEO of Tink, told Mobile Payments Today via email.
The platform is currently live in 12 countries, including Sweden, Denmark, Finland, Norway, Belgium, Austria, the U.K., Germany, Spain, the Netherlands and Portugal. Some of the world’s leading banks and fintechs use the platform, including PayPal, digital bank and installment financing platform Klarna, U.K.-based Natwest and Netherlands-based ABN Amro Bank NV.
London-based Dawn Capital and San Francisco-based HMI joined existing investor Insight for the new funding round. Another new investor in the round is Poste Italiane. Other existing investors participating in the round include Heartcore Capital, ABN Amro Ventures and Opera Tech Ventures, the investment arm of BNP Paribas.
Tink previously raised $63.5 million (56 million euros) in February 2019.
Cover image: Tink.