Online payment giant PayPal announced it has made an investment into the Swedish open banking platform Tink.
Terms and monetary value of the investment were not disclosed however PayPal said the move is part of a wider partnership between the two firms.
Jennifer Marriner, VP, global markets and partnerships, PayPal, said: “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.”
Tink was first launched in 2013 and focuses on providing banking customers personalised advice and feedback based on transactional history.
Its technology has been implemented by many banks across Europe including NatWest, ABN Amro and BNP Paribas Fortis.
The firm has made clear its aggressive pursuit of European expansion after raising €56 million earlier this year and with the support from PayPal this will no doubt continue.
It has also agreed to tap the startup’s account aggregation technology to “improve product experiences for PayPal customer”.
