PayPal makes strategic investment in open banking platform Tink

June 4, 2019

Tink, a Stockholm-based open banking platform, announced a strategic investment from PayPal that will be used to help finance the company's European expansion.

As part of the agreement PayPal will partner with the company to leverage its account aggregation technology to improve product experiences for PayPal customers.

"Open banking is transforming financial services, allowing customers to more easily move and manage their money," Jennifer Marriner, vice president of global markets and partnerships at PayPal said in a company release. "Tink has developed the infrastructure and data services for this new financial world and we're excited to work together to continue to democratize financial services."

Tink co-founder and CEO Daniel Kjellen said the PayPal investment demonstrates the versatility of the company's technology, particularly how it can be used to demonstrate business use cases for large and small businesses.

"The investment is an indicator of the strength of the open banking movement, and it puts us firmly on the path towards our expanded connectivity goals," he said.

The PayPal investment follows an agreement last month to integrate Tink's mobile banking platform with NatWest and a February investment of $63.5 million led by Insight Venture Partners.  

Topics: Mobile Banking, Mobile Payments, Region: EMEA

Companies: Tink, PayPal

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