Stockholm-founded cloud-based open banking platform Tink has announced that it’s raised strategic funding from the US payment giant PayPal. The startup did not disclose the amount, but this is the second time PayPal injects money in Tink; back in June 2019, it already invested €10 million through PayPal Ventures.
Founded in 2012 as a bank account aggregator for consumer audience, Tink ended up pivoting to provide a single API to access financial data from more than 2,500 banks across Europe in accordance with the PSD2 directive. It offers products like account aggregation, payment initiation, data enrichment, and personal finance management that can be integrated into existing banking apps or built as standalone apps and services.
It’s not quite clear what exactly PayPal plans to get out of this partnership, though it did mention that it’d “improve product experiences for PayPal customer.” In a statement, Tink’s co-founder and CEO Daniel Kjellén said that the startup is “looking forward to continuing to support PayPal as they extend and enhance their services across the whole of Europe.”
The news comes a few months after Tink landed €90 million in a round led by Dawn Capital and HMI Capital at a post-money valuation of €415 million. The total amount of disclosed funding raised by the company — not including the second injection from PayPal — is close to €200 million. Currently, Tink employs 270 people across 13 offices.