Leading open banking startup Tink has announced that it has closed a €90m investment found that will enable it to further expand across Europe.

The round was co-led by Dawn Capital, HMI Capital and Insight Partners, with additional investment from Italian financial services network Poste Italiane, Heartcore Capital, ABN AMRO Ventures and BNP Paribas-owned Opera Tech Ventures.

It follows a €56m round that closed in February 2019.

A key player in the emerging open banking space, Tink provides customers to access financial data, from over 2,500 banks across Europe via a single API.

This enables it to be used to power a host of financial products and services, including personal financial management tools and improved transactions, as well as enhance existing customer experiences.

Current customers include Dutch bank ABN AMRO, which uses Tink to enhance its mobile banking platform, as well as PayPal, BNP Paribas Fortis and Klarna.

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By GlobalData

Tink eyes pan-European expansion of open banking platform

The latest funding announcement will enable Tink, which is headquartered in Stockholm, Sweden, to expand its open banking API to more of the European continent.

At present, the startup is live in twelve countries across Western Europe, including Germany, Finland, the UK and Spain, however it now plans expand towards its ultimate goal of “pan-European coverage” as well as expand the products it offers.

“The investment round will facilitate our ambitious growth plans over the next year and beyond. During 2020 we are committed to building out our platform with more bank connections and, on top of that, expanding our product offering,” said Daniel Kjellén, co-founder and CEO of Tink.

“Our aim is to become the preferred pan-European provider of digital banking services and to offer the technology needed for banks, fintechs and startups to leverage the opportunities of open banking and enable them to successfully develop financial services of the future.

“Two key factors for succeeding with that are that we strengthen our European coverage and continue to deliver new data-products on top of this infrastructure to our customers.”

Rising as a key player in open banking

The investment underscores the fact that Tink is rapidly emerging as a key player in the open banking space, as traditional financial institutions look to third parties to keep them up-to-date with distruption in the industry.

“As the world of banking undergoes a fundamental shift, from analogue to digital and from closed to open, banks and financial services require a new set of technical foundations on which to build a winning product strategy for the coming decades,” said Josh Bell, General Partner of Dawn Capital

“Tink has become a trusted partner amidst growing demand from Europe’s leading banks and fintechs seeking to build better and more creative financial products and services. Our investment underlines the confidence that the industry has in Tink’s category-leading technology, and we look forward to supporting them on their continued journey.”

Read more: On the second anniversary of open banking, what’s next?