Paypal is now a customer and investor in Swedish Open Banking platform, Tink.
The PayPal investment in Tink will give it access to Tink’s account aggregation technology. Furthermore, this will allow PayPal to significantly improve the produce experiences it offers to customers in Europe.
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Tink offers access to available personal financial data through a single API integration. In addition, the Open Banking platform aggregates from more than 2,500 financial institutions across Europe.
It’s approach to Open Banking enables users to gain access to a whole range of financial data. This can include:
- Current accounts,
- Mortgages,
- Credit cards,
- Loans,
- Investments and also savings
Furthermore, using a single integrated API gives customers a clearer view of the financial products and services on offer.
PayPal Investment: global expansion continues
The PayPal investment will also drive Tink’s expansion goals across Europe. With this collaboration, Tink can further extend the reach of its Open Banking technology.
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By GlobalDataVP of global markets and partnerships at PayPal, Jennifer Marriner, commented:
“Open banking is transforming financial services, allowing customers to more easily move and manage their money.
“Tink has developed the infrastructure and data services for this new financial world. We’re excited to work together to continue to democratise financial services.”
In addition, Tink has been rapidly working towards expanding its reach in Europe. In February 2019, Tink Raised €56m in an investment round that was led by New York-based Insight Venture Partners.
Tink hopes to be present in 20 markets by the end of 2019. Currently, it is in nine with around 150 employees in its Stockholm location.
Moreover, its customer-focused app helps customers see and manage their finances clearly. Today, the Tink network boasts 500k users that access the app to take control of their financial data. Users in Sweden can connect the app with their bank accounts to pay bills and also transfer money between any bank and account directly without leaving the app.
