Tink closes €85 million extension round bringing total 2020 funding to €175m

Swedish Open Banking platform has closed an €85 million investment round extension, following its €90 million raise in January.

The company, which connects to more than 3,400 banks reaching over 250 million bank customers across Europe, says the funding top up will support the further development of its payment initiation technology.

The firm says it aims to make its payment initiation services live in ten markets in 2021.

Daniel Kjellén, co-founder and CEO of Tink, comments: “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.”

The investment round was co-led by a new investor, European growth equity player Eurazeo Growth, and current investor, London-based B2B software venture capital firm Dawn Capital. Existing stakeholders PayPal Ventures, HMI Capital, Heartcore, ABN AMRO Ventures, Poste Italiane and BNP Paribas’ venture arm, Opera Tech Ventures, also increased their holdings.

It puts an $800 million valuation on the Swedish firm.

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