Swedish financial technology start-up Tink has raised EUR 56m (USD 64m) in a funding round aimed at fueling its expansion plans.

СNBC reported this, adding that the funding exercise values Tink at approximately EUR 240m (USD 273m). The Stockholm-based firm, which is backed by European banks SEB, Nordea and ABN AMRO, offers an app for people to get a snapshot of how they’re spending across all their bank accounts.

But it also licenses its technology to banks with partnership deals, through which it either integrates its platform with their apps or helps them develop new standalone apps. For instance, Tink joined forces with ABN AMRO to help the Dutch lender create a new financial management app called Grip.


Tink informs that it had picked up fresh capital in a venture round that was led by Insight Venture Partners, with backing from SEB, Nordea’s venture capital arm and ABN AMRO’s corporate venture fund.

Christian Clausen, former chief executive of Nordea, and Nikolay Storonsky, co-founder and chief executive of fintech start-up Revolut, also invested in the company.


“Tink’s offering is part of a broader theme in fintech known as “open banking,” the idea that non-banking firms should be able to access consumers’ bank account data — with the bank customer’s consent — to create new financial apps.

Such products could give people a better view of their spending across accounts and make suggestions like switching to a new utility provider to save costs. The initiative was encompassed in a new law introduced by the European Union last year,” СNBC writes.



Tink said the funding will be used to fuel the expansion of its development platform — which is used by software developers to get access to financial data — to the U.K., Germany, Austria, Belgium and Spain.

“While we see it’s very important for us to continue to dominate Europe, this is obviously just the first step. We think this is a global trend and a global opportunity for us,” said Fredrik Hedberg, co-founder and chief technology officer of Tink.

According to Tink’s blog, this investment will allow them to grow from 150 to more than 300 staff members, as well as expand to more European countries.

Banks.am reminds that Bud open banking technology firm announced USD 20 million funding from a number of major financial institutions, including HSBC and Goldman Sachs.

German financial marketplace Raisin, founded by Georgian entrepreneur Tamaz Georgadze, has raised USD 114 million.

The partner of Fintech section is