Tink to Embark on Virtual Bank

Tink announced today that they closed their Series B funding led by Creades and SEB that together with ABN AMRO and Sunstone Capital invests $10 million in Tink. The money will be used for the launch of a virtual bank and for international expansion.

Tink has since the launch in Sweden two and a half years ago established themselves as one of Europe’s largest personal finance apps with over 300 000 users. Tink allows the user to collect all her banks and payment cards in a single app, making it easy to keep track of her finances.

Now Tink is breaking new ground and will shortly launch Tink 2.0 that allows the user to manage her money across any account in any bank. She will be able to do all her regular banking – such as transfer money, make payments, scan and approve bills – through any bank directly in the Tink app.

“Ultimately, it’s about building a virtual bank, helping people with banking without being a bank – the consumer will not only get a better understanding, tips and advice on her finances, but also the ability to take action on it“, says Fredrik Hedberg, founder and CTO of Tink.

“We think it should be easy to make smart financial decisions and we want to contribute to a greater transparency in the industry, which will benefit both the consumer and the best banks. To get investors with such solid experience and the ability to develop partnerships with traditional banks is of course a huge asset for a company like Tink”, says Daniel Kjellén, founder and CEO of Tink.

The financing is led by Creades and SEB, which together with ABN AMRO and Sunstone Capital invests $10 million in Tink. Creades has previously been involved in the creation of innovative fintech companies like Avanza and Klarna. SEB is not only one of the largest and most digitally progressive banks in the Nordics but also early investors in fintech company like iZettle.

“We have followed Tink since the inception of the company and are convinced that the company has huge potential. With a strong team and an innovative product, the new Tink will really change the banking industry”, says Per Frankling, CEO of Creades.

“Through the partnership with Tink we will be able to develop even better digital offerings for our customers. The combination of our integrated offering and Tinks functionality is a good example of how established banks and Fintech companies can create customer value together“, says Christoffer Malmer, co-head of the division Corporate & Private Clients at SEB.