Tink closes a SEK 129M funding deal in an investment round led by a group of Swedish banks.

Denmark Sweden Investments 24 October 2017
Share on FacebookShare on Twitter

Tink, a Stockholm, Sweden-based financial company acting as a virtual bank built on top of the user’s existing bank accounts, announced closing a SEK 129M ($15.7M) investment round.

The backers include existing and new investors, such as Nordea, SEB, Creades, Sunstone Capital, ABN and Nordnet. After the transaction, the majority of the shares are owned by the founders, followed by Sunstone and Creades, the largest financial investors and by SEB as the largest strategic owner.

The banks part of the round will integrate and use Tink’s payment technology and personal finance management (PFM) platform within their existing customer channels by 2018.

Tink, founded in 2012 by Daniel Kjellén and Fredrik Hedberg, develped a proprietary aggregation and payment initiation technology that draws information from multiple sources and uses analytics to help customers make smart choices in the present that improve their finances for the future. According to the company, the mobile app that acts as front end for its technology is in use by 400000 customers.

Prior to this deal, Tink raised more than $16M in risk capital.