PayPal Announces Investment in Tink
Open banking platform Tink today announced a strategic investment from PayPal (NASDAQ: PYPL) to continue its expansion across Europe. With this investment, PayPal has agreed to partner with Tink to leverage its Account Aggregation technology to improve product experiences for PayPal customers.
Tink provides partners ranging from big banks to individual developers with tools to securely access financial data from across Europe to power innovative digital financial services. Tink’s technology powers leading European players including NatWest, ABN AMRO, BNP Paribas Fortis and Nordea.
Daniel Kjellén, co-founder and CEO of Tink, said: “We’re proud to partner with a global fintech leader like PayPal to expand the reach of our technology and develop the next generation of financial services. Our partnership shows the versatility of our technology – and how it can be implemented to improve a range of use cases in businesses big and small. The investment is an indicator of the strength of the open banking movement, and it puts us firmly on the path towards our expanded connectivity goals.”
Jennifer Marriner, VP of global markets and partnerships of PayPal said: “Open banking is transforming financial services, allowing customers to more easily move and manage their money. 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.”
About Tink
Founded in Stockholm in 2012, Tink is a cloud-based platform that provides the infrastructure and value-adding data products that are enabling the future of financial services. Currently consisting of Account Aggregation, Payment Initiation, Personal Finance Management and Data Enrichment – Tink’s products can be used to develop standalone services or be integrated into existing banking applications. The company has 160 employees and its partners include NatWest, PayPal, SEB, ABN AMRO, BNP Paribas Fortis, Nordea and Klarna. Insight Venture Partners, Sunstone, SEB, Creades, Nordea Ventures and ABN AMRO Digital Impact Fund have invested in Tink.
PayPal