Paypal invests in Sweden fintech startup Tink to grow European footprint
Paypal has invested €90 million in Stockholm-based fintech Tink and entered into a strategic agreement with the startup that now includes extending its offering to all countries within the European Economic Area (EEA).
As a first step, PayPal will implement Tink’s open banking and account aggregation technology into some user experiences for customers.
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.
Daniel Kjellén, co-founder and CEO of Tink, said: “PayPal is one of the world’s leading fintech companies, serving more than 330 million consumers and merchants in more than 200 markets worldwide. So we are honoured to have been selected to help this global leader, and delighted to have the opportunity to extend our relationship with them following this new agreement and strategic investment. 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.”