Tink has received a strategic investment from PayPal to help the Open Banking platform to continue its expansion across Europe.
PayPal has agreed to partner with Tink to leverage its account aggregation technology to improve product experiences for the online payments system’s customers.
Tink’s technology currently powers leading European banks, including NatWest, ABN AMRO and BNP Paribas Fortis.
Daniel Kjellén, co-founder and CEO at Tink (pictured above), 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 at PayPal, added: “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.”
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