Tink announced a a second strategic investment from PayPal

Tink, a Stockholm, Sweden-based company operating an open banking platform, announced that existing investor, US-based PayPal, is making a second strategic investment in the company.

The deal was made in conjunction with Tink’s latest €90 million investment round, announced in January 2020.

The agreement is part of a commercial agreement extending across all countries in the EEA, to leverage PSD2 and open banking opportunities, and continue the development of open banking technology.

In June 2019, Tink raised a first round of $11.3M from Paypal. PayPal is implementing Tink’s open banking and account aggregation services into some customer user experiences, to leverage the opportunities of PSD2 and open banking.

Tink, founded in 2012 by CEO Daniel Kjellén and Fredrik Hedberg, provides 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.

Tink has 270 employees who serve 14 European markets out of 13 offices, and connects to more than 2,500 banks that reach over 250 million bank customers across Europe.