BNP Paribas has chosen Tink as its preferred European partner for account aggregation, payment initiation and personal finance management technologies.
Open banking platform Tink will also tap into BNP Paribas’ Italian retail network, Banco Nazionale del Lavoro (BNL).
As part of the partnership, BNL will start implementing Tink’s solutions for account aggregation, payment initiation and personal finance management.
Sophie Heller, COO Retail Banking & Services, BNP Paribas, said: “We position ourselves as the trusted financial companion of our customers, so that we anticipate their needs, help them understand their situation, provide them with options and implement solutions on a daily basis and at critical moments.
“Tink’s solutions provide value added services to enhance our customers’ personal financial management. We are thrilled to develop this strategic partnership with Tink on a European level.”
To support the partnership, Opera Tech Ventures, BNP Paribas’ venture capital arm, made a minority investment in Tink.
Daniel Kjellén, co-founder and CEO of Tink, said: “We are beyond excited to become the preferred technology provider of account aggregation, payment initiation and personal finance management technologies to one of the largest retail bank groups in Europe, that serves almost 18 million customers in the region. We look forward to supporting BNP Paribas on an European level.”
Tink launched in Sweden in 2012, allowing customers to access aggregated financial data, initiate payments and build personal finance management tools.
Currently, Tink has over 270 employees globally and enables customers to connect to over 2,500 banks.
This week, the open banking platform announced it had secured a €90m ($100m) investment round. This follows Tink’s €56m ($62m) funding round in February 2019, making the recent round Tink’s largest to date.
Tink will use the funding to expand across Europe and support further development of its platform.
In addition, in December, Tink accelerated its European expansion by launching in Italy and Portugal. To coincide with the launch, Tink opened new offices in Madrid and Milan.
Tink will offer Italian financial institutions access to transaction data from 12 of the country’s key banks. These include Unicredit, Intesa Sanpaolo and Banca Popolare di Milano.