Tink raised $11.3M in strategic investment from Paypal
Tink, a Stockholm, Sweden-based company operating an open banking platform, announced that it raised $11.3M in capital investment from Paypal. With this investment, PayPal has agreed to partner with Tink to leverage its Account Aggregation technology to improve product experiences for PayPal customers.
The capital contribution is part of a larger funding round totalling $64M which Tink announced in February 2019.
Tink, founded in 2012 by CEO Daniel Kjellén and Fredrik Hedberg, built a cloud-based platform that provides the infrastructure and value-adding data products for the financial services industry. The company is active in nine European countries and is looking to expand into neighbouring markets,
The company is also planning to increase its staff force and open another three Europe-based offices.