Tink, Europe’s leading open banking platform, has received €85m (£78m) during an investment round extension, bringing the total raised this year to €175m.
The company’s valuation has risen to €689m (£632m), a 60 per cent rise from the start of the year, according to CNBC.
The Swedish firm, launched in 2013, collects and shares data from big banks to build financial technology to integrate low-cost payment solutions.
Tink powers digital services for over 300 banks, including PayPal, NatWest, ABN AMRO and BNP Paribas and processes close to 1m payment transactions per month in five markets.
Daniel Kjellén, co-founder and chief executive of Tink, said: “2020 has seen payments powered by open banking take-off, and in 2021 we expect to see this scale – most prominently in the UK, followed by Europe.”
The investment round extension was led by French private equity firm, Eurazeo and venture capital company, Dawn Capital. It follows a €90m investment round in January, bringing total investment in Tink to €175m in 2020.
Existing investors PayPal Ventures and BNP Paribas’ venture arm, Opera Tech Ventures, among others increased their investments in the fintech.
The open banking industry is expanding as consumers call for a more competitive and transparent banking industry.
Tink expects to expand its payment services to 10 markets in 2021.