Education
Open Swedish startup banking Tink receives Paypal funding (again)
The open banking platform founded by Stockholm's cloud, Tink, has announced that strategic financing has been raised by the US payment massive PayPal. The launch did not reveal the amount of PayPal, but it injects the money in Tink the second time; already in June 2019 PayPal Ventures invested € 10 million.
Founded as a consumer account aggregator in 2012, Tink eventually pivoted on a single API that enables financial data from more than 2,500 European banks to be accessed according to the PSD2 directive.
It includes products such as account aggregation, payment initiation, enhancing information and management of personal finance that can be integrated in existing banking applications or integrated as standalone apps and services.
It is not clear what PayPal intends to come out of this partnership exactly, but it said it would "improve product experiences for PayPal customers."
In a statement, Daniel Kjellén, co-founder and CEO in Tink, said the startup "would like to support PayPal as it expands and improves service across Europe."
After Tink landed €90 m in a €415 million posting-money assessment, the news comes a few months ago, led by Dawn Capital and HMI Capital. Including the second Injection from PayPal, a total amount of disclosed funding raised by the firm amount to nearly € 200 million. Tink currently has 270 employees in 13 offices.
