Swedish open banking platform Tink has announced its latest strategic investor and customer—PayPal.
Tink is already active in nine European countries and is looking to expand into neighbouring markets, having raised €56 million in February. The company is also planning to increase its staff force and open another three Europe-based offices.
The partnership with PayPal will see the payments giant gain access to Tink's account-aggregation tech to “improve the produce experiences” for its European customers.
“Open banking is transforming financial services, allowing customers to more easily move and manage their money,” said Jennifer Marriner, VP of global markets and partnerships at PayPal. “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.”
Tink is also backed by Insight Venture Partner, who led the last funding round with participation from former Nordea CEO and European Banking Federation chairman Christian Clausen as well as Revolut founder Nikolay Storonsky.