Financial services firms SEB, Nordea and ABN Amro have participated in a €56m ($63.4m) funding round for Sweden-based open banking technology developer Tink, TechCrunch reported yesterday.
The round was led by Insight Venture Partners and included fellow venture capital firm Sunstone, as well as private investors Christian Clausen and Nikolay Storonsky. It increased the company’s valuation to approximately $270m, undisclosed sources told TechCrunch.
Nordea took part in the round through its corporate venturing unit, Nordea Ventures, with ABN Amro investing through its Digital Impact Fund.
Founded in 2012, Tink provides banks and other financial service providers with technology needed to comply with open banking.
The company provides account aggregation, payment initiation, personal finance management and data enrichment technology which can be used to create apps or integrated into existing applications.
The proceeds, which boosted its overall funding to more than $94m, will be used to double the size of Tink’s current team, add products to its cloud-based platform and expand from two European offices to five.
Tink raised $10m in series B funding in 2016 from ABN Amro, Sunstone Capital, SEB Venture Capital, which functions as SEB’s venture capital arm, and investment firm Creades, and added $16.4m from SEB, Nordea, ABN Amro, Sunstone, Creades and investment firm Nordnet in late 2017.
Sunstone, angel investor Sven Hagströmer and undisclosed existing backers had supplied $4m in series A funding for the company in 2014, adding to $800,000 seed round the previous year.
Hugo Bongers, director of ABN Amro Digital Impact Fund, said: “As the ABN Amro corporate venture fund, we can continue to support rapidly growing companies by delivering knowledge and capital, whilst also keep supporting them as they transition from startup to scale-up.”