PayPal Invests $11.2 Million in Swedish Fintech Startup
On June 4, Tink, an open banking solution provider, announced it was attracting investment from the financial giant PayPal. In its blog, the Swedish company called the partnership "a major vote of confidence in our tech and an indicator of the strength of the open banking movement in Europe." PayPal investment was $11.2 million. As a result, the total amount of financing the fintech company exceeded $105 million. Tink will provide technology that allows customers of various banks to connect their accounts to PayPal. Currently, more than 1,400 developers use the API Tink platform to access the financial data of hundreds of banks and financial institutions in the European market.
Jennifer Marriner, VP of global markets and partnerships of PayPal said: "Tink has developed the infrastructure and data services for this new financial world and we’re excited to work together to continue to democratise financial services.”
Funding will speed up the process of Tink adoption in Europe. In the past few months, the fintech startup has worked with NatWest in the UK, Mash in Finland and Lunar Way in Denmark. The company began the year with raising $63 million in a round of financing led by Insight Venture Partners and expanded its operations in five new European markets. We want to remind you: