Open banking platform Tink has announced a strategic investment from PayPal to continue its expansion across Europe. With this investment, PayPal has agreed to partner with Tink to leverage its Account Aggregation technology to improve product experiences for PayPal customers.
Tink provides partners ranging from big banks to individual developers with the technology to securely access financial data from across Europe to enable innovative digital financial services. Tink’s technology powers leading European players including NatWest, ABN AMRO, BNP Paribas Fortis and Klarna.
Daniel Kjellén, co-founder and CEO of Tink, said:
“We’re proud to partner with a global fintech leader like PayPal to expand the reach of our technology and develop the next generation of financial services. Our partnership shows the versatility of our technology – and how it can be implemented to improve a range of use cases in businesses big and small. 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.”
Jennifer Marriner, VP of global markets and partnerships of PayPal, 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 and we’re excited to work together to continue to democratise financial services.”