Tink to get €85 million in an investment round co-led by Eurazeo Growth and Dawn Capital.
Tink, a Stockholm, Sweden-based operator of an open banking platform, announced that it secured a funding round totalling €85 million ($103M).
The money was raised from a range of backers co-led by new investor Eurazeo Growth and existing one Dawn Capital and includes secondary transactions. Other existing investors contributing include Paypal, HMI, Heartcore, ABN Amro, Poste Italiane and Opera Tech Ventures.
The deal represents an extension of a €90 million investment round announced in January 2020 and puts a valuation to the company at €680 million ($825M), post-money.
The money will be used for fueling the company's growth ambitions and expand payment initiation in Europe.
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.
The technology and connectivity powers digital services for over 300 banks and fintechs – including PayPal, NatWest, ABN AMRO, BNP Paribas, Nordea and SEB – and is also used by more than 8,000 developers.
The company claims to process roughly 1 million payment transactions per month in five markets and aims to make its payment initiation services live in 10 markets in 2021.
Tink has an annual recurring revenue (ARR) of €30 million and previously raised almost $200 million.