The European open banking platform, Tink, is revealing €90 million in the recent funding, only 11 months consequent to the Sweden-headquartered organization declared a €56M round of financial support.
Dawn Capital, Insight Partners, & HMI Capital were co-leading this new round. It even consists of the current postal operator & Italy’s most significant monetary services system Poste Italiane as a novel sponsor, with the present shareholders Opera Tech Ventures, ABN AMRO Ventures, BNP Paribas’ venture arm, and Heartcore Capital. 
The capital’s injection is going to allow Tink to increase its European development plans & new build its product accordingly.
Tink CEO and co-founder, Daniel Kjellén, inform, “During 2020, we are committed to building out our platform with more bank connections and, on top of that, expand our product offering.” “Our aim is to become the preferred pan-European provider of digital banking services and increase our local presence across the region.”
Initially released in Sweden in 2013 as a user-facing investment application with bank account aggregation, Tink has since relocated its offering, in order to turn into a complete open banking stage, necessary with developer APIs, to facilitate banks & additional commercial service providers to travel the free PSD2 banking/ train.
With its multiple APIs, Tink offers four pillars of technology: “Personal Finance Management,” “Account Aggregation,” “Data Enrichment,” and “Payment Initiation. It is possible to use them with the help of third parties to roll their impartial applications or incorporate them into modern banking apps.
Kjellén, when asked what has altered in the last 11 months, said, “We have grown significantly, both in terms of our platform’s connectivity and as an organization,” “We have during the year launched our platform in Belgium, Austria, the U.K., Germany, Spain, the Netherlands, Portugal, and Italy. In total, our open banking platform is right now living in twelve European markets and connects to more than 2,500 banks that reach more than 250 million bank customers across Europe”.
The headcount of the organization has even grown a lot, as well. In 2019 starting, it sat at roughly 120; however, it is now at 300 employees.
Possibly, enhanced situated than most, when Kjellén asked what sorts of use cases are reverberating with open banking, provided that a lot of industry observers don’t imagine it has relatively so far lived up to the publicity.
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He mentions, “Many of our customers are seeing the advantage of being able to build smart multi-banking products with the data that they are now able to fetch and use to add value for their end users.” “The use cases that demonstrate the prospective of open banking that we see our customers thriving with are those that leverage the full value of the financial data to deliver truly personalized experiences at scale or remove friction in the user journey to a minimum, such as proactive price comparison, enhanced credit scoring and onboarding. Use cases, such as these, show that the consumer’s data can work for them and bring improvements to their everyday interactions”.
Kjellén mentions the other standout use-case is utilizing PSD2 APIs to authenticate individuality to absolute any customer listing entirely automatically. He says, “[That is] something that I find very innovative. It automates the previously time-consuming administration on the business side and delivers a completely seamless digital service on the end user side.”
In the meantime, Tink informs its user numbers have “quadrupled” previously, and includes ABN AMRO, NatWest, PayPal, Klarna, Nordea, BNP Paribas Fortis, and SEB. “More than 4,000 developers are currently using Tink to build and power new innovative financial services and products,” adds Kjellén.
