Open banking platform Tink has added another €85m to its coffers in a new investment round-extension co-led by new investor Eurazeo Growth and existing investor Dawn Capital.
Existing investors PayPal Ventures, HMI Capital, Heartcore, ABN AMRO Ventures, Poste Italiane and BNP Paribas’ venture arm, Opera Tech Ventures also contributed to the raise.
Tink, which’s platform is connected to more than 3,400 banks reaching over 250 million bank customers across Europe and processes over one million transactions per month, will use the new cash injection to accelerate its growth plans and expand payment initiation in Europe.
The round adds to the €90m investment round Tink completed in January and brings the total invested in Tink during 2020 to €175m.
The round also follows from Tink having made three major acquisitions during 2020: Swedish credit decisioning firm Instantor, Spanish account aggregation provider Eurobits, and the aggregation platform of UK open banking pioneer OpenWrks.
Tink is currently live in Sweden, UK, France, Spain, Germany, Italy, Portugal, Denmark, Finland, Norway, Belgium, Austria and the Netherlands
“Despite the difficulties of 2020, it was a year of great growth for Tink,” said Daniel Kjellén, co-founder and CEO of Tink. “We significantly built out our bank connections across Europe, increasing coverage from 2,500 to 3,400 banks, and now serve more than 300 world-leading financial institutions. We also doubled the fintech users on our platform to 8,000 and increased employees from 250 to 365, in 13 offices across Europe.
“2020 has seen payments powered by open banking take-off, and in 2021 we expect to see this scale – most prominently in the UK, followed by Europe. This funding extension will further facilitate the development of our payment initiation services across Europe, while continuing to deliver new data-products built on open banking technology to our customers.”
Zoé Fabian, managing director of Eurazeo Growth, added, “The open banking movement continues to pick up pace, with 2021 showing every sign that it will bring increased collaboration between fintechs and large enterprises, who want to take digitally enabled services to their customers with a tried and trusted partner.
“Since its inception eight years ago, Tink has proven itself to be the leading open banking platform in Europe, and our investment underlines the confidence we and the industry have in Tink and open banking. We look forward to supporting them on their continued journey.”
Also commenting, Josh Bell, general partner of Dawn capital, stated, “Tink has truly emerged as Europe’s leading open banking platform and is quickly becoming a key strategic piece of financial technology infrastructure. We have seen activity across Tink’s network rapidly accelerate this year, with increasing adoption and implementation of open banking products and services across their platform.
“We are delighted to support Tink’s latest funding round, and look forward to working with the team across 2021 to expand the breadth and depth of its already considerable network of banks, accelerate the rollout of its account-to-account payments initiation solutions, and continue to deliver exceptional value to its fast-growing customer base.”
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