PayPal invests €10M in tech start-up Tink

Tuesday, 04. June 2019 07:21

PayPal invested €10 million in Swedish tech start-up Tink, the two companies said on Tuesday.

Tink's platform is used to help banks and technology companies access financial data in an easy way. The firm is connected to numerous banks including BNP Paribas and is looking to expand its network further so that it can provide more information for others that are looking to develop products and services based on information they get from banks. The Swedish firm also wants to use the European Union's new Payments Services Directive 2 which allows third parties to use entities' financial data but without banks as an intermediary.

Furthermore, Tink will use the funds from PayPal to expand its team. In a funding round in February it gathered €56 million from investors like Nordea and ABN Amro Group NV.

Related Links: PayPal Holdings Inc.
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