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SWEDISH FINTECH TINK ANNOUNCES EUROPEAN EXPANSION AND THREE NEW BANK CUSTOMERS

Nordea, Nordnet and Klarna join SEB and ABN Amro to license Tink’s ground breaking PFM technology

Tink secures €14 million in investments as it ramps up Enterprise offer across Europe

Swedish fintech company Tink has signed agreements with leading European banks Nordea, Klarna and Nordnet. The agreements will allow the banks to integrate Tink’s ground breaking aggregation and payment technology and Personal Finance Management (PFM) platform within their existing customer channels.

The new banks join Sweden’s SEB and the Dutch ABN Amro who partnered with and invested in Tink in 2016. SEB has already integrated Tink’s technology into their mobile banking app, and Tink has also launched and developed ABN Amro’s PFM app Grip in 2016.

“We will be live in ten European markets at the beginning of 2018 and are excited to be working with new customers who, like us, want to improve the consumer experience and build a world where managing money is effortless and rewarding”, said Daniel Kjellén, co-founder and CEO, Tink. “Our technology transforms the industry by helping banks build an entirely new customer experience that allows their customers to understand their money, empowers them to make smarter choices and ultimately brings them financial happiness.”

“We see today’s announcement as evidence of a new generation of bank and fintech partnerships. By working together, we are paving the way for a new era of banking in Europe – unlocking the market to create greater choice and a better deal for consumers.”

Tink’s proprietary aggregation and payment initiation technology draws information from multiple sources and uses powerful analytics to help customers make smart choices today that improve their finances for tomorrow. Today’s enterprise solution leapfrogs out of date legacy systems and creates a scalable platform that can be customised to meet the needs of any banking partner.

“Tink is a unique financial aggregator,” says Topi Manner, Head of Personal Banking at Nordea. “The company found an easy way to visualise and keep up to speed with all financial transactions. For Nordea, the best possible digital user experience is something we always want to offer to our customers, and through this partnership we take a huge leap in that ambition, also in terms of getting Nordea ready for PSDII.”

In addition to the partnership agreements, SEB, Nordea, Nordnet, ABN Amro, Creades and Sunstone has invested €14 million in Tink. This follows a successful €8.5 million funding round in 2016 from Sweden’s SEB, Sunstone and Creades, as well as Dutch ABN Amro. SEB continues to be the largest strategic owner besides Tink’s founders, Sunstone and Creades.

“This latest funding will allow us to put great focus on the European market, scale our offer and help banks to keep pace with the expectations of their customers,” said Kjellén.  “We see this need continuing to grow as customers exert their rights to access their financial information and take control of their money.”

ChristofferMalmer, co-head of the Corporates & Private Customers division at SEB, says, “Our cooperation with Tink has developed very favourably. Going forward, we see this as an opportunity to be part of shaping the banking industry of the future, creating new digital tools that add value to our customers.”

Peter Dahlgren, CEO at Nordnet adds, “Tink is the first investment we are doing within Nordnet Ventures, our corporation for investments in fintech. We see Tink as a strategic initiative that is in line with our ambition to create the world’s best customer experience within savings and investments. Our aim is to be at the forefront and we are convinced that this partnership will bring a lot of value for our customers.”

Tink is an active supporter of the European Union’s proposed PSD2 legislation and has campaigned for greater consumer access to their financial data.