Tink Announces Extension of Open Banking Support For PayPal; Scores Strategic Investment

Tink, a Sweden-based fintech that provides APIs to create next-generation banking services, announced on Wednesday it has extended its open banking support for PayPal (NASDAQ: PYPL). According to Tink, the expanded relationship is supported by a second strategic investment from PayPal, carried out in connection to Tink’s latest €90 million investment round that was announced in January 2020. PayPal’s first strategic investment in Tink was made in June 2019.

While sharing more details aboutthe partnership, Daniel Kjellén, co-founder and CEO of Tink, stated:

“As Europe’s leading open banking platform, we are looking forward to continuing to support PayPal as they extend and enhance their services across the whole of Europe.”

The open banking extension comes less than two months after Tink joined forces with digital mailbox provider Kivra to make it “easier” to pay bills and invoices. Through the Kivra app, users are able to receive and process all their bills and important mail in one place, making life simpler while also sparing the environment.

“With over 2.5 million invoices to be settled every month, Kivra was looking for the most cost-effective and friction-free way to enable these payments, and now they’re partnering with Tink to make it easier to settle invoice.”

Tink is on a mission to make banking “better” by creating technology to improve customer experience and bring more financial clarity.

Today, we are an FSA-regulated partner to big banks, fintech unicorns and even small startups. Our 150 employees serve 9 European markets out of two offices. And our API offers one access point to financial data from across Europe – as well as the ability to offer insights and actionable advice – whether it’s through our full-service enterprise offering or our self-service platform for developers.”

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