Tink, a European open banking platform, has closed a $103 million funding round, bringing its total funding for the year to $212.2 million. It will use this funding to boost its payment initiation technology, according to a press release.
The company currently processes almost 1 million transactions monthly in Europe. It plans to deliver its payment initiation technology to 10 markets in 2021.
“Despite the difficulties of 2020, it was a year of great growth for Tink. We significantly built out our bank connections across Europe, increasing coverage from 2,500 to 3,400 banks, and now serve more than 300 world-leading financial institutions. We also doubled the fintech users on our platform to 8,000 and increased employees from 250 to 365, in 13 offices across Europe,” Daniel Kjellén, co-founder and CEO of Tink, said in the release. “2020 has seen payments powered by open banking take off, and in 2021 we expect to see this scale — most prominently in the U.K., followed by Europe. This funding extension will further facilitate the development of our payment initiation services across Europe, while continuing to deliver new data products built on open banking technology to our customers.”