Tink announced a $63.5M capital investment round led by Insight Venture Partners.
Tink, a Stockholm, Sweden-based company operating an open banking platform, announced the completion of a €56M ($63.5M) funding round.
The backing values the company at $273M and was led by Insight Venture Partners, together with new and existing investors, including Sunstone, SEB Venture Capital, Nordea Ventures, ABN AMRO (through its Digital Impact Fund) and angel investors Christian Clausen, former Chairman of the European Banking Federation, and Nikolay Storonsky, founder of Revolut.
The funding will be used to finance the company’s growth plan in the years immediately ahead, where the goal at the end of 2019 is to cover 20 markets in Europe. The company will also open four new European offices and double its workforce from 150 to 300 people during the year.
Tink, founded in 2012 by CEO Daniel Kjellén and Fredrik Hedberg, has developed a cloud-based platform with products for aggregating account information and payment initiation, among other things.
The company makes money by selling licenses of its tech to banks with partnership deals, integrating its platform with their apps or helping them develop new standalone apps.
Potential customers include everything from major banks to individual developers. Tink’s development platform is now being launched in five new markets, which means that Tink’s API for aggregation of account information will be available for developers in the Nordic countries, the UK, Germany, Belgium and Spain.
Prior to this deal, Tink raised more than $30M in capital investment. This round was preceded by a January 2019 announcement of the conversion of loans into equity holdings from existing investors. That deal valued the company at $25.3M.