Sweden-based open-banking technology developer Tink has raised €90m ($98.1m) in funding from a consortium featuring postal service and financial services provider Poste Italiane, TechCrunch reported on Sunday.
Venture capital fund Dawn Capital, investment firm HMI Capital and VC firm Insight Partners co-led the round, which included ABN Amro Ventures and Opera Tech Ventures, on behalf of financial services firms ABN Amro and BNP Paribas, and VC firm Heartcore Capital. It valued Tink at $452m.
Founded in 2012, Tink initially launched as a mobile app enabling consumers to view all their bank accounts in a single interface. It has since pivoted to an open banking platform for financial services providers and third-party apps, offering functionality such as personal finance management.
The pivot came in the wake of the European Union’s recently mandated Revised Payment Services Directive, which requires financial services providers to facilitate third-party access to customer data.
The funding will allow Tink to accelerate expansion efforts across Europe following launches in 12 markets such as Austria, Belgium, Germany, the Netherlands and the UK, and to build out its platform with connections to additional banks, adding to a current roster of more than 2,500.
Proceeds will also drive product development. Tink has now raised more than $193m in funding altogether, having received an undisclosed sum from digital payment processor PayPal in June 2019.
The company had secured $63.4m in funding four months earlier, in a round led by Insight Partners and backed by ABN Amro’s Digital Impact Fund and financial services firms SEB and Nordea, the latter through its Nordea Ventures unit, in addition to Heartcore (then known as Sunstone), Christian Clausen and Nikolay Storonsky.
SEB, Nordea, ABN Amro, Heartcore, Creades and Nordnet had supplied $16.4m for Tink in 2017, the year after it received $10m in series B funding from ABN Amro, SEB subsidiary SEB Venture Capital and Creades.
