rtmark
LearnBonds.com

Financial plumbing start-up Tink nets €90m cash call

Swedish fintech firm Tink has raised €90m

Swedish fintech firm Tink has raised €90m as it plans further European expansion and to develop new products.

The eight-year-old business – which provides the digital plumbing that powers over 2,500 banks and financial firms ranging from PayPal, Karna and NatWest – said the cash call was its largest investment to date.

The funding round was led by London venture capital business Dawn Capital and San Francisco-based investment management firm HMI Capital. Existing investors also taking part in the round include ABN Amro Ventures and BNP Paribas’ venture arm.

Tink uses Open Banking technology that allows customers to bring together their finances – current accounts, credit cards, loans and savings – to be seen in one place.

 

Improved competition

Regulators hope this integration will boost competition by making it easier for customers to compare financial products and switch between them.

The European Union has forced banks to share customer data with other approved financial services firms since January 2019, as long consumers gave their permission.

Stockholm-based Tink operates across 14 European markets – including the UK, Germany, Spain, Italy and Portugal – reaching over 250 million customers.

Tink co-founder and chief executive Daniel Kjellén (pictured) said: “During 2020 we are committed to building out our platform with more bank connections and, on top of that, expanding our product offering.

“Our aim is to become the preferred pan-European provider of digital banking services and to offer the technology needed for banks, fintechs and start-ups to leverage the opportunities of open banking and enable them to successfully develop financial services of the future.”

 

From analogue to digital

Dawn Capital general partner Josh Bell added: “As the world of banking undergoes a fundamental shift, from analogue to digital and from closed to open, banks and financial services require a new set of technical foundations on which to build a winning product strategy for the coming decades.”

Tink, founded in 2012, employs more than 270 staff across 12 European offices.

This investment follows a €56m series C funding round last February, which was led by US venture capital firm Insight Venture Partners, Christian Clausen, a former chairman of the European Banking Federation, and Revolut founder Nikolay Storonsky.

Trusted & Regulated Stock & CFD Brokers

Rating

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

Rating

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
Users should remember that all trading carries risks and users should only invest in regulated firms. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Roger Baird

Roger Baird is News Editor at Finixio. He has worked as a financial journalist for 20 years reporting on companies, capital markets and the UK economy.