Open banking platform Tink has signed a strategic partnership for open banking technology with Revolut, a popular neobank.
Tink’s payment initiation services (PIS) technology is expected to allow Revolut users across Europe to easily move money into their Revolut accounts. PIS enables users to connect to the bank account they want to move money from, and instantaneously authorize and complete the payment without leaving the Revolut app.
Daniel Kjellén, co-founder and CEO of Tink, commented on the agreement:
“Revolut is one of the biggest success stories of the financial services revolution, offering services that better meet the needs of customers. We are excited to be a part of the next stage in Revolut’s growth and see this partnership as an important step in the mass-market adoption of open banking powered payments across Europe.”
Ivan Chalov, Head of Retail at Revolut said they are pleased to bring Tink’s solutions to Revolut.
“Our partnership with Tink will enable Revolut to expand our open banking services across new markets in a fast and sustainable way.”
Revolut reports over 18 million customers around the world but mostly in the UK and Europe. Tink was founded in Stockholm Sweden in 2012 and is owned by Visa as of this year. Tink serves more than 300 Fintechs and banks in 18 different European markets.