#Tink Account Aggregation

[nbfcaccountaggregator]

There are differences between UPI and Account Aggregator

Imagine having a central platform to look up your financial assets information for all of your account savings, fixed deposit and investment plans and pension savings, insurance premiums and more, all at the same time. There is no need to log and downloading financial information from different platforms, simple access, and a single view of your financial situation,

Because of the Bank Account Aggregator framework this framework is no longer restricted to the realms of imagination

The idea for Account Aggregator was conceived through the Reserve Bank of India to make it easier to access and share of financial information. In simpler terms, it acts as a "data bridge" between different participants in the financial industry.

The Account Aggregator framework is changing the method by which financial data is distributed. According to experts, it is likely to be a replica of the enormous UPI's success. UPI.

There is plenty of common ground among UPI as well as Account Aggregator it's important to understand what the distinction is since these differing concepts solve distinct issues.

This blog is designed to assist you to understand the differences between Account Aggregator and UPI.

What exactly is UPI and what are the problems UPI address?

Unified Payment Interface (UPI) is a mobile-based electronic payments system that allows you to transfer funds from bank accounts using a your mobile phones.

One of the most important benefits that comes with UPI payment is that it allows immediate real-time transactions without disclosing the bank's details. This creates a safe swift, simple and easy payment method. You don't have for carrying cash debit card or credit card. This makes it easier to make transactions while on the move.

The benefits of UPI isn't limited to transferring money between accounts. Through UPI the ability to seamlessly pay for your utilities or recharge your mobile phone. You can also perform quick and secure transactions via e-commerce platforms and pay for insurance premiums make investments in mutual funds as well as facilitate transactions using barcodes. There are numerous possibilities and this makes UPI an incredibly flexible and well-loved payment option for a wide range of applications.

What is Account Aggregator? how does it help solve problems?

Account Aggregator was created through the Reserve Bank of India (RBI) in order to make it easier for information exchange across Financial Information Providers (FIPs) as well as Financial Information Users (FIUs) with the consent of the customer.

Account Aggregator lets you easily access and examine the financial data from various sources like account balances, stocks and tax information, insurance policies specific to investments and many more in one screen. This comprehensive view of financial assets makes it easier to manage of financial assets and allows better-informed decision making.

Account aggregation also allows the secure exchange of financial data with financial institutions. This makes it simpler to join and transact with, as well as combine a variety of financial services. Use cases for Account Aggregator are vast ranging from getting loan or collaborating with wealth management professionals to organize and improve investment portfolios, and detecting potential fraud risks and reducing risk

The difference between UPI and Account Aggregator are stark.

Integration with financial institutions from other countries

UPI is a quick payment method that allows money transfers between two accounts. This means that its infrastructure is only connected to banks. However Account Aggregator provides an even greater scope since its use and impact can be extended to all financial institutions as well as all four regulatory bodies.

The focus area

Both UPI as well as Account Aggregator are both digital public infrastructures, this is the point where simjlarity ceases.. UPI is primarily concerned with the 'transfer of funds', whereas Account Aggregator is specifically focused on the transfer of financial information'.

The UPI infrastructure connects only to banks. AA connects every financial institution, including Banks as well as NBFCs, insurance companies, broking businesses, CRAs and more which makes it much more broad in terms of application and scope.

Authority to govern

National Payments Corporation of India (NPCI) is a not-for-profit organization established through the Government of India regulates UPI transactions. It also sets the standards and guidelines that govern how the system is used. NPCI assures the security as well as security for UPI transactions in addition to promoting the expansion and use of electronic payments across India. In contrast, Account Aggregator is an authorized by the RBI, and is expected to conform to various rules and rules which the RBI established to encourage responsible and fair behavior. Regulations of the RBI ensure the privacy and security of the customers is protected, and ensure that banks are committed to ethical lending policies. Sahamati additionally plays an important function in strengthening and promoting the ecosystem of Account Aggregators. Sahamati is an alliance of industry that functions as a self-organized organization in order to help facilitate coordination between all the players of the Account Aggregator community. The alliance establishes the fundamental rules and an ethical code to the entire community.

[wemresearch]

Open Banking Market Objectives of the Study Includes Research Methodology and Assumptions and Forecast by 2030

The global open banking market size accounted for $9074.98 Million in 2022, and is expected to reach $52048.58 Million by 2030 registering a CAGR of 24.4%.

Open banking is a financial service that allows for the electronic sharing of financial data. Additionally, application programming interfaces (APIs) are used by open banking services to conduct a secure financial data transfer. The interchange of financial data between banks and other service providers is another thing that happens. An open API affords protection to client private data, such as the transaction histories and patterns collected by third-party service providers. This enables simple access to publicly available data, such a bank's product offerings. As a result, the financial data gathered about a client is used to create sophisticated applications that are meant to enhance the user experience for financial services.

An increase in the use of new wave apps and services is one of the main factors that supports the expansion of the open banking sector. Additionally, the open banking industry needs to grow to be supported by a rise in customer engagement and active banking customers. An open banking platform also has several advantages that benefit all parties involved in the financial services industry, including banks, businesses, Fintechs, and innovators.

Segmental Analysis of Global Open Banking Market:

Based on Service

Transactional Services

Communicative Services

Information Services

Based on Financial Services

Digital Currencies

Payments

Banking and Capital Markets

Value Added Services

Based on Distribution Channel

Bank Channel

App Market

Distributors

Aggregators

Based on Deployment Type

On-cloud

On-premises

Hybrid

Get Free Sample:- https://wemarketresearch.com/sample-request/open-banking-market/101/

Top Key Players:-

Tink

Cross River Bank

TrueLayer

Cashfree Payments

Plaid

Solarisbank

Railsbank

Yapily

MX

Minna Technologies

Cloudentity

Acorns

Affirm

American Express

Aspiration

Azlo

Zeta

BBVA Open Platform Inc

Credit Agricole

DemystData

Finastra

Figo

Jack Henry & Associates

FormFree

Mambu

NCR Corporation

Mineral Tree Inc.

Interested in purchasing this Report? Click here:- https://wemarketresearch.com/purchase/open-banking-market/101/?license=single

Frequently Asked Questions (FAQ):

Which are the factors that drives open banking market growth?

Who are the leading players in open banking market?

What are the key growth strategies of open banking market players?

About We Market Research

WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.

Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. WE MARKET RESEARCH is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.

Contact Us:

We Market Research

Phone: +1(929)-450-2887

Email: sales@wemarketresearch.com  

Web: https://wemarketresearch.com/ 

[nuadox]

Visa to acquire open banking startup Tink for 1.8B Euros

- By Nuadox Crew -

Visa today announced it has signed a definitive agreement to acquire Sweden-based open banking startup Tink for 1.8 billion Euros.

Through a single API, Tink allows its customers to access aggregated financial data, use smart financial services such as risk insights and account verification and build personal finance management tools. Tink is integrated with more than 3,400 banks and financial institutions, reaching millions of bank customers across Europe. Tink will retain its brand and current management team, and its headquarters will remain in Stockholm, Sweden.

European Union law – the revised Payment Services Directive (PSD2) – mandates that banks enable access to registered third-party providers on behalf of, and with the consent of, their customers. As a result, innovators of all kinds, ranging from financial institutions, fintechs, developers, platform players and merchants, are increasingly leveraging open banking solutions to empower consumers with more choice in how and where they share their financial data. Tink is one of the over 440 third party providers across Europe that provides open banking services.

The transaction is subject to regulatory approvals and other customary closing conditions. Visa will fund the transaction from cash on hand and this transaction will have no impact on Visa’s previously announced stock buyback program or dividend policy.

Source: Visa Inc.

Read Also

Report: Open banking usage explodes in the UK during global pandemic

[wallpaperpainting]

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[financederivative]

Open banking platform Tink and BNP Paribas today announce an extension of their partnership in Europe. In addition to Tink’s existing partnership with BNP Paribas Fortis — the retail network of BNP Paribas in Belgium — Tink is now also entering a partnership with the Italian retail network of BNP Paribas, Banca Nazionale del Lavoro (BNL). As part of the partnership, BNL will start implementing Tink’s solutions for account aggregation, payment initiation and personal finance management.

[magzoso-tech]

New Post has been published on https://magzoso.com/tech/open-banking-platform-tink-raises-e90m-at-a-post-money-valuation-of-e415m/

Open banking platform Tink raises €90M at a post-money valuation of €415M

Tink, the European open banking platform, is disclosing €90 million in new funding, just 11 months after the Sweden-headquartered company announced a €56 million round of funding.

Co-leading this new round is Dawn Capital, HMI Capital and Insight Partners. The round also includes the incumbent postal operator and Italy’s largest financial services network Poste Italiane as a new investor, along with existing investors Heartcore Capital, ABN AMRO Ventures and BNP Paribas’ venture arm, Opera Tech Ventures.

The injection of capital will enable Tink to accelerate its European expansion plans and further develop its product accordingly.

“During 2020, we are committed to building out our platform with more bank connections and, on top of that, expand our product offering,” Tink co-founder and CEO Daniel Kjellén tells me. “Our aim is to become the preferred pan-European provider of digital banking services and increase our local presence across the region”.

Originally launched in Sweden in 2013 as a consumer-facing finance app with bank account aggregation at its heart, Tink has long since repositioned its offering to become a fully-fledged open banking platform, requisite with developer APIs, to enable banks and other financial service providers to ride the open banking/PSD2 train.

Through its various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment.” These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.

“We have grown significantly, both in terms of our platform’s connectivity and as an organisation,” says Kjellén, when asked what has changed in the last 11 months. “We have during the year launched our platform in Belgium, Austria, the U.K., Germany, Spain, the Netherlands, Portugal and Italy. In total, our open banking platform is right now live in twelve European markets and connects to more than 2,500 banks that reach more than 250 million bank customers across Europe”.

The company’s headcount has also grown a lot, too. In the beginning of 2019 it sat at around 120, but is now at 300 employees. Most but not all are based in its headquarters in Stockholm, alongside local offices including recently opened sites in Paris, Helsinki, Oslo, Madrid, Warsaw, Milan and Copenhagen.

Perhaps better positioned than most, I asked Kjellén what types of use cases are really resonating with open banking, given that many industry commentators don’t think it has quite yet lived up to the hype.

“Many of our customers are seeing the advantage of being able to build smart multi-banking products with the data that they are now able to fetch and use to add value for their end users,” he says. “The use cases that really show the potential of open banking that we see our customers thriving with are those that leverage the full value of the financial data to deliver truly personalised experiences at scale, or remove friction in the user journey to a minimum, such as proactive price comparison, enhanced credit scoring and onboarding. Use cases such as these show that the consumer’s data can really work for them and bring improvements to their everyday interactions”.

One example Kjellén gives me is Klarna, the checkout credit provider, which he says is using open banking to provide a “wonderful” in-app experience. “I love that I as a consumer can now choose to change my mind and slice up the payments for a purchase I have already paid in full with my bank card,” he explains. “This shows how the potential of open banking goes way beyond just accessing a transaction history and allows the most innovative players, such as Klarna, to create a new standard in consumer experience”.

Kjellén says another standout use-case is using PSD2 APIs to verify identity to complete any type of customer registration completely automatically. “[That is] something that I find very innovative. It automates the previously time-consuming administration on the business side and delivers a completely seamless digital service on the end user side,” he says.

Meanwhile, Tink says its customer numbers have “quadrupled” in the past year, and includes PayPal, Klarna, NatWest, ABN AMRO, BNP Paribas Fortis, Nordea and SEB. “More than 4,000 developers are currently using Tink to build and power new innovative financial services and products,” adds Kjellén.

[toomanysinks]

Tink, the European open banking platform, scores €56M in new funding

Tink, the European open banking platform headquartered in Sweden, has deposited €56 million in new funding. Leading the round is U.S.-based Insight Venture Partners. Existing backers Sunstone, SEB, Nordea Ventures and ABN AMRO Digital Impact Fund also participated.

A number of other investors have been added to Tink’s cap table, too. They include Christian Clausen, former Chairman of the European Banking Federation, and — most notably — Nikolay Storonsky, co-founder of banking app and fintech ‘unicorn’ Revolut. According to sources, the new round of funding gives Tink a post-money valuation of €240 million.

Originally launched in Sweden in 2013 as a consumer-facing finance app with bank account aggregation at its heart, Tink has since repositioned its offering to provide the same underlying technology and more to banks and other financial service providers who want to ride the open banking/PSD2 train.

Through various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment”. These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.

To that end, Tink says its developer platform is launching in five new markets, significantly boosting the fintech’s European coverage. They are U.K., Austria, Germany, Belgium and Spain, adding to the company’s Nordics base and bringing the total number of markets to nine countries.

Armed with new capital, Tink says the plan is to get to 20 markets by the end of 2019, targeting a range of customers “from big banks to individual developers”. In other words, the aim is to become a truly pan-European open banking platform. To help with this, headcount will increase significantly.

As it stands, Tink employs 150 people at its Stockholm headquarters, and recently opened an office in London. It plans to establish four more offices this year, doubling its European team to around 300. Customers include SEB, ABN AMRO, BNP Paribas Fortis, Nordea and Klarna.

Cue statement from Daniel Kjellén, co-founder and CEO, of Tink: “This funding round allows us to accelerate our European roll-out but also invest further in our data services. As Europe gradually embraces open banking, our platform has proved to be its rails and brains – delivering the technology that makes it possible. We attribute our success to being the first platform provider to combine account aggregation and payment initiation, the scale of our connectivity and our smart data products that make it all understandable”.

That’s not to say that Tink isn’t without competition, even if open banking/PSD2 feels like a bronze stroll rather than a gold rush so far, although things are definitely starting to heat up. Other fintechs in the space with overlapping products include Bud (which is backed by a host of banks, including HSBC), Meniga, and upstart TrueLayer.

source https://techcrunch.com/2019/02/06/tink-the-european-open-banking-platform-scores-e56m-in-new-funding/

[fmservers]

Tink, the European open banking platform, scores €56M in new funding

Tink, the European open banking platform headquartered in Sweden, has deposited €56 million in new funding. Leading the round is U.S.-based Insight Venture Partners. Existing backers Sunstone, SEB, Nordea Ventures and ABN AMRO Digital Impact Fund also participated.

A number of other investors have been added to Tink’s cap table, too. They include Christian Clausen, former Chairman of the European Banking Federation, and — most notably — Nikolay Storonsky, co-founder of banking app and fintech ‘unicorn’ Revolut. According to sources, the new round of funding gives Tink a post-money valuation of €240 million.

Originally launched in Sweden in 2013 as a consumer-facing finance app with bank account aggregation at its heart, Tink has since repositioned its offering to provide the same underlying technology and more to banks and other financial service providers who want to ride the open banking/PSD2 train.

Through various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment”. These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.

To that end, Tink says its developer platform is launching in five new markets, significantly boosting the fintech’s European coverage. They are U.K., Austria, Germany, Belgium and Spain, adding to the company’s Nordics base and bringing the total number of markets to nine countries.

Armed with new capital, Tink says the plan is to get to 20 markets by the end of 2019, targeting a range of customers “from big banks to individual developers”. In other words, the aim is to become a truly pan-European open banking platform. To help with this, headcount will increase significantly.

As it stands, Tink employs 150 people at its Stockholm headquarters, and recently opened an office in London. It plans to establish four more offices this year, doubling its European team to around 300. Customers include SEB, ABN AMRO, BNP Paribas Fortis, Nordea and Klarna.

Cue statement from Daniel Kjellén, co-founder and CEO, of Tink: “This funding round allows us to accelerate our European roll-out but also invest further in our data services. As Europe gradually embraces open banking, our platform has proved to be its rails and brains – delivering the technology that makes it possible. We attribute our success to being the first platform provider to combine account aggregation and payment initiation, the scale of our connectivity and our smart data products that make it all understandable”.

That’s not to say that Tink isn’t without competition, even if open banking/PSD2 feels like a bronze stroll rather than a gold rush so far, although things are definitely starting to heat up. Other fintechs in the space with overlapping products include Bud (which is backed by a host of banks, including HSBC), Meniga, and upstart TrueLayer.

Via Steve O'Hear https://techcrunch.com

[un-enfant-immature]

Open banking platform Tink raises €90M at a post-money valuation of €415M

Tink, the European open banking platform, is disclosing €90 million in new funding, just 11 months after the Sweden-headquartered company announced a €56 million round of funding.

Co-leading this new round is Dawn Capital, HMI Capital and Insight Partners. The round also includes the incumbent postal operator and Italy’s largest financial services network Poste Italiane as a new investor, along with existing investors Heartcore Capital, ABN AMRO Ventures and BNP Paribas’ venture arm, Opera Tech Ventures.

The injection of capital will enable Tink to accelerate its European expansion plans and further develop its product accordingly.

“During 2020, we are committed to building out our platform with more bank connections and, on top of that, expand our product offering,” Tink co-founder and CEO Daniel Kjellén tells me. “Our aim is to become the preferred pan-European provider of digital banking services and increase our local presence across the region”.

Originally launched in Sweden in 2013 as a consumer-facing finance app with bank account aggregation at its heart, Tink has long since repositioned its offering to become a fully-fledged open banking platform, requisite with developer APIs, to enable banks and other financial service providers to ride the open banking/PSD2 train.

Through its various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment.” These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.

“We have grown significantly, both in terms of our platform’s connectivity and as an organisation,” says Kjellén, when asked what has changed in the last 11 months. “We have during the year launched our platform in Belgium, Austria, the U.K., Germany, Spain, the Netherlands, Portugal and Italy. In total, our open banking platform is right now live in twelve European markets and connects to more than 2,500 banks that reach more than 250 million bank customers across Europe”.

The company’s headcount has also grown a lot, too. In the beginning of 2019 it sat at around 120, but is now at 300 employees. Most but not all are based in its headquarters in Stockholm, alongside local offices including recently opened sites in Paris, Helsinki, Oslo, Madrid, Warsaw, Milan and Copenhagen.

Perhaps better positioned than most, I asked Kjellén what types of use cases are really resonating with open banking, given that many industry commentators don’t think it has quite yet lived up to the hype.

“Many of our customers are seeing the advantage of being able to build smart multi-banking products with the data that they are now able to fetch and use to add value for their end users,” he says. “The use cases that really show the potential of open banking that we see our customers thriving with are those that leverage the full value of the financial data to deliver truly personalised experiences at scale, or remove friction in the user journey to a minimum, such as proactive price comparison, enhanced credit scoring and onboarding. Use cases such as these show that the consumer’s data can really work for them and bring improvements to their everyday interactions”.

One example Kjellén gives me is Klarna, the checkout credit provider, which he says is using open banking to provide a “wonderful” in-app experience. “I love that I as a consumer can now choose to change my mind and slice up the payments for a purchase I have already paid in full with my bank card,” he explains. “This shows how the potential of open banking goes way beyond just accessing a transaction history and allows the most innovative players, such as Klarna, to create a new standard in consumer experience”.

Kjellén says another standout use-case is using PSD2 APIs to verify identity to complete any type of customer registration completely automatically. “[That is] something that I find very innovative. It automates the previously time-consuming administration on the business side and delivers a completely seamless digital service on the end user side,” he says.

Meanwhile, Tink says its customer numbers have “quadrupled” in the past year, and includes PayPal, Klarna, NatWest, ABN AMRO, BNP Paribas Fortis, Nordea and SEB. “More than 4,000 developers are currently using Tink to build and power new innovative financial services and products,” adds Kjellén.

[un-enfant-immature]

Tink, the European open banking platform, announces PayPal as a strategic investor

Tink, the European open banking platform that recently raised €56 million in new funding, is disclosing that PayPal has become a strategic investor.

The online payments giant joins a long list of existing backers that includes U.S.-based Insight Venture Partners, Sunstone, SEB, Nordea Ventures and ABN AMRO Digital Impact Fund. Individuals such as Christian Clausen, former chairman of the European Banking Federation, and Nikolay Storonsky, co-founder of banking app Revolut, are also investors.

Originally launched in Sweden in 2013 as a consumer-facing finance app with bank account aggregation at its heart, Tink has since repositioned its offering to provide the same underlying technology and more to banks and other financial service providers that want to ride the open banking/PSD2 train.

Through various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment.” These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.

Meanwhile, with its investment, PayPal has agreed to partner with Tink to leverage its account aggregation technology to “improve product experiences” for PayPal customers. What this means in practice isn’t entirely clear, although it is likely PayPal could use open banking for easier and more secure on-boarding. Another obvious use case would be to check your bank balance prior to initiating a debit card payment or use your transaction history in relation to PayPal Credit.

Adds Jennifer Marriner, VP of global markets and partnerships of PayPal:: “Open banking is transforming financial services, allowing customers to more easily move and manage their money. Tink has developed the infrastructure and data services for this new financial world and we’re excited to work together to continue to democratise financial services”.

[un-enfant-immature]

Tink, the European banking platform, partners with British incumbent NatWest

It’s easy to push a narrative of fintech upstarts versus the big incumbent banks, but the more subtle reality is that as well as competing on numerous fronts, there are partnerships being formed across the board. The latest such move sees Tink, the Sweden-based banking platform that raised €56 million in new funding in February, partner with British bank NatWest.

The agreement gives NatWest access to Tink’s Personal Finance Management (PFM) and “Data Enrichment” products, which will be integrated into NatWest’s core mobile banking app. This will allow NatWest to improve its mobile banking offering by giving NatWest customers personalised insights into their finances based on transaction history. The features built with Tink’s technology are planned to go live in Q4 2019.

The bigger picture is that by partnering with Tink, NatWest is aiming to meet increased customer expectations with regards to digital financial services. Undoubtedly, a plethora of fintech startups and challenger banks have raised the UX and feature bar significantly in the U.K. and right across Europe, not least via high quality mobile apps and better use of data, while incumbent banks have been scrambling to catch up.

“Historically banks have tried to build everything themselves, but we are now seeing a big shift where they want to partner with the best to propel development, quickly launch new features and stay competitive,” Tink co-founder and CEO Daniel Kjellén tells me.

“Today more and more banks choose to leverage the external building blocks that’s available to them and add in-house uniqueness on top of that. We’ve seen the same development when it comes to hosting – banks are now choosing cloud-based solutions such as AWS instead of on-premise solutions”.

To that end, although originally launched in Sweden in 2013 as a consumer-facing finance app with bank account aggregation at its heart, Tink has since repositioned its offering to provide the same underlying technology and more to banks and other financial service providers.

Through various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment.” These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.

Along with NatWest, Tink has partnerships with a number of other banks including Klarna, BNP Paribas Fortis, ABN AMRO, SEB and Nordea.

Meanwhile, PFM (personal finance management) functionality in some form or another can now be found in numerous banking apps and fintech chatbots, and I put it to Kjellén that a PFM feature is now a commodity. He pushes back.

“It’s true that customer’s expectations on digital banking services are increasing and incentivising the incumbents to develop their PFM tools at a more rapid pace than before,” he says. “But the future where PFM is completely data-driven and where product recommendations, advice and decisions can be put on autopilot is still very far from a commodity”.

“The most advanced players are now building products that… take their PFM apps from being read-only to data-driven and actionable. It’s this combination of functionalities that will be game-changing for the industry”.

[un-enfant-immature]

Tink, the European open banking platform, scores €56M in new funding

Tink, the European open banking platform headquartered in Sweden, has deposited €56 million in new funding. Leading the round is U.S.-based Insight Venture Partners. Existing backers Sunstone, SEB, Nordea Ventures and ABN AMRO Digital Impact Fund also participated.

A number of other investors have been added to Tink’s cap table, too. They include Christian Clausen, former Chairman of the European Banking Federation, and — most notably — Nikolay Storonsky, co-founder of banking app and fintech ‘unicorn’ Revolut. According to sources, the new round of funding gives Tink a post-money valuation of €240 million.

Originally launched in Sweden in 2013 as a consumer-facing finance app with bank account aggregation at its heart, Tink has since repositioned its offering to provide the same underlying technology and more to banks and other financial service providers who want to ride the open banking/PSD2 train.

Through various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment”. These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.

To that end, Tink says its developer platform is launching in five new markets, significantly boosting the fintech’s European coverage. They are U.K., Austria, Germany, Belgium and Spain, adding to the company’s Nordics base and bringing the total number of markets to nine countries.

Armed with new capital, Tink says the plan is to get to 20 markets by the end of 2019, targeting a range of customers “from big banks to individual developers”. In other words, the aim is to become a truly pan-European open banking platform. To help with this, headcount will increase significantly.

As it stands, Tink employs 150 people at its Stockholm headquarters, and recently opened an office in London. It plans to establish four more offices this year, doubling its European team to around 300. Customers include SEB, ABN AMRO, BNP Paribas Fortis, Nordea and Klarna.

Cue statement from Daniel Kjellén, co-founder and CEO, of Tink: “This funding round allows us to accelerate our European roll-out but also invest further in our data services. As Europe gradually embraces open banking, our platform has proved to be its rails and brains – delivering the technology that makes it possible. We attribute our success to being the first platform provider to combine account aggregation and payment initiation, the scale of our connectivity and our smart data products that make it all understandable”.

That’s not to say that Tink isn’t without competition, even if open banking/PSD2 feels like a bronze stroll rather than a gold rush so far, although things are definitely starting to heat up. Other fintechs in the space with overlapping products include Bud (which is backed by a host of banks, including HSBC), Meniga, and upstart TrueLayer.

[endenogatai]

Open banking platform Tink raises €90M at a post-money valuation of €415M

Tink, the European open banking platform, is disclosing €90 million in new funding, just 11 months after the Sweden-headquartered company announced a €56 million round of funding.

Co-leading this new round is Dawn Capital, HMI Capital and Insight Partners. The round also includes the incumbent postal operator and Italy’s largest financial services network Poste Italiane as a new investor, along with existing investors Heartcore Capital, ABN AMRO Ventures and BNP Paribas’ venture arm, Opera Tech Ventures.

The injection of capital will enable Tink to accelerate its European expansion plans and further develop its product accordingly.

“During 2020, we are committed to building out our platform with more bank connections and, on top of that, expand our product offering,” Tink co-founder and CEO Daniel Kjellén tells me. “Our aim is to become the preferred pan-European provider of digital banking services and increase our local presence across the region”.

Originally launched in Sweden in 2013 as a consumer-facing finance app with bank account aggregation at its heart, Tink has long since repositioned its offering to become a fully-fledged open banking platform, requisite with developer APIs, to enable banks and other financial service providers to ride the open banking/PSD2 train.

Through its various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment.” These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.

“We have grown significantly, both in terms of our platform’s connectivity and as an organisation,” says Kjellén, when asked what has changed in the last 11 months. “We have during the year launched our platform in Belgium, Austria, the U.K., Germany, Spain, the Netherlands, Portugal and Italy. In total, our open banking platform is right now live in twelve European markets and connects to more than 2,500 banks that reach more than 250 million bank customers across Europe”.

The company’s headcount has also grown a lot, too. In the beginning of 2019 it sat at around 120, but is now at 300 employees. Most but not all are based in its headquarters in Stockholm, alongside local offices including recently opened sites in Paris, Helsinki, Oslo, Madrid, Warsaw, Milan and Copenhagen.

Perhaps better positioned than most, I asked Kjellén what types of use cases are really resonating with open banking, given that many industry commentators don’t think it has quite yet lived up to the hype.

“Many of our customers are seeing the advantage of being able to build smart multi-banking products with the data that they are now able to fetch and use to add value for their end users,” he says. “The use cases that really show the potential of open banking that we see our customers thriving with are those that leverage the full value of the financial data to deliver truly personalised experiences at scale, or remove friction in the user journey to a minimum, such as proactive price comparison, enhanced credit scoring and onboarding. Use cases such as these show that the consumer’s data can really work for them and bring improvements to their everyday interactions”.

One example Kjellén gives me is Klarna, the checkout credit provider, which he says is using open banking to provide a “wonderful” in-app experience. “I love that I as a consumer can now choose to change my mind and slice up the payments for a purchase I have already paid in full with my bank card,” he explains. “This shows how the potential of open banking goes way beyond just accessing a transaction history and allows the most innovative players, such as Klarna, to create a new standard in consumer experience”.

Kjellén says another standout use-case is using PSD2 APIs to verify identity to complete any type of customer registration completely automatically. “[That is] something that I find very innovative. It automates the previously time-consuming administration on the business side and delivers a completely seamless digital service on the end user side,” he says.

Meanwhile, Tink says its customer numbers have “quadrupled” in the past year, and includes PayPal, Klarna, NatWest, ABN AMRO, BNP Paribas Fortis, Nordea and SEB. “More than 4,000 developers are currently using Tink to build and power new innovative financial services and products,” adds Kjellén.

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[endenogatai]

Tink, the European open banking platform, announces PayPal as a strategic investor

Tink, the European open banking platform that recently raised €56 million in new funding, is disclosing that PayPal has become a strategic investor.

The online payments giant joins a long list of existing backers that includes U.S.-based Insight Venture Partners, Sunstone, SEB, Nordea Ventures and ABN AMRO Digital Impact Fund. Individuals such as Christian Clausen, former chairman of the European Banking Federation, and Nikolay Storonsky, co-founder of banking app Revolut, are also investors.

Originally launched in Sweden in 2013 as a consumer-facing finance app with bank account aggregation at its heart, Tink has since repositioned its offering to provide the same underlying technology and more to banks and other financial service providers that want to ride the open banking/PSD2 train.

Through various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment.” These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.

Meanwhile, with its investment, PayPal has agreed to partner with Tink to leverage its account aggregation technology to “improve product experiences” for PayPal customers. What this means in practice isn’t entirely clear, although it is likely PayPal could use open banking for easier and more secure on-boarding. Another obvious use case would be to check your bank balance prior to initiating a debit card payment or use your transaction history in relation to PayPal Credit.

Adds Jennifer Marriner, VP of global markets and partnerships of PayPal:: “Open banking is transforming financial services, allowing customers to more easily move and manage their money. Tink has developed the infrastructure and data services for this new financial world and we’re excited to work together to continue to democratise financial services”.

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[endenogatai]

Tink, the European banking platform, partners with British incumbent NatWest

It’s easy to push a narrative of fintech upstarts versus the big incumbent banks, but the more subtle reality is that as well as competing on numerous fronts, there are partnerships being formed across the board. The latest such move sees Tink, the Sweden-based banking platform that raised €56 million in new funding in February, partner with British bank NatWest.

The agreement gives NatWest access to Tink’s Personal Finance Management (PFM) and “Data Enrichment” products, which will be integrated into NatWest’s core mobile banking app. This will allow NatWest to improve its mobile banking offering by giving NatWest customers personalised insights into their finances based on transaction history. The features built with Tink’s technology are planned to go live in Q4 2019.

The bigger picture is that by partnering with Tink, NatWest is aiming to meet increased customer expectations with regards to digital financial services. Undoubtedly, a plethora of fintech startups and challenger banks have raised the UX and feature bar significantly in the U.K. and right across Europe, not least via high quality mobile apps and better use of data, while incumbent banks have been scrambling to catch up.

“Historically banks have tried to build everything themselves, but we are now seeing a big shift where they want to partner with the best to propel development, quickly launch new features and stay competitive,” Tink co-founder and CEO Daniel Kjellén tells me.

“Today more and more banks choose to leverage the external building blocks that’s available to them and add in-house uniqueness on top of that. We’ve seen the same development when it comes to hosting – banks are now choosing cloud-based solutions such as AWS instead of on-premise solutions”.

To that end, although originally launched in Sweden in 2013 as a consumer-facing finance app with bank account aggregation at its heart, Tink has since repositioned its offering to provide the same underlying technology and more to banks and other financial service providers.

Through various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment.” These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.

Along with NatWest, Tink has partnerships with a number of other banks including Klarna, BNP Paribas Fortis, ABN AMRO, SEB and Nordea.

Meanwhile, PFM (personal finance management) functionality in some form or another can now be found in numerous banking apps and fintech chatbots, and I put it to Kjellén that a PFM feature is now a commodity. He pushes back.

“It’s true that customer’s expectations on digital banking services are increasing and incentivising the incumbents to develop their PFM tools at a more rapid pace than before,” he says. “But the future where PFM is completely data-driven and where product recommendations, advice and decisions can be put on autopilot is still very far from a commodity”.

“The most advanced players are now building products that… take their PFM apps from being read-only to data-driven and actionable. It’s this combination of functionalities that will be game-changing for the industry”.

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[endenogatai]

Tink, the European open banking platform, scores €56M in new funding

Tink, the European open banking platform headquartered in Sweden, has deposited €56 million in new funding. Leading the round is U.S.-based Insight Venture Partners. Existing backers Sunstone, SEB, Nordea Ventures and ABN AMRO Digital Impact Fund also participated.

A number of other investors have been added to Tink’s cap table, too. They include Christian Clausen, former Chairman of the European Banking Federation, and — most notably — Nikolay Storonsky, co-founder of banking app and fintech ‘unicorn’ Revolut. According to sources, the new round of funding gives Tink a post-money valuation of €240 million.

Originally launched in Sweden in 2013 as a consumer-facing finance app with bank account aggregation at its heart, Tink has since repositioned its offering to provide the same underlying technology and more to banks and other financial service providers who want to ride the open banking/PSD2 train.

Through various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment”. These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.

To that end, Tink says its developer platform is launching in five new markets, significantly boosting the fintech’s European coverage. They are U.K., Austria, Germany, Belgium and Spain, adding to the company’s Nordics base and bringing the total number of markets to nine countries.

Armed with new capital, Tink says the plan is to get to 20 markets by the end of 2019, targeting a range of customers “from big banks to individual developers”. In other words, the aim is to become a truly pan-European open banking platform. To help with this, headcount will increase significantly.

As it stands, Tink employs 150 people at its Stockholm headquarters, and recently opened an office in London. It plans to establish four more offices this year, doubling its European team to around 300. Customers include SEB, ABN AMRO, BNP Paribas Fortis, Nordea and Klarna.

Cue statement from Daniel Kjellén, co-founder and CEO, of Tink: “This funding round allows us to accelerate our European roll-out but also invest further in our data services. As Europe gradually embraces open banking, our platform has proved to be its rails and brains – delivering the technology that makes it possible. We attribute our success to being the first platform provider to combine account aggregation and payment initiation, the scale of our connectivity and our smart data products that make it all understandable”.

That’s not to say that Tink isn’t without competition, even if open banking/PSD2 feels like a bronze stroll rather than a gold rush so far, although things are definitely starting to heat up. Other fintechs in the space with overlapping products include Bud (which is backed by a host of banks, including HSBC), Meniga, and upstart TrueLayer.

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