×
89 127
Fashion Jobs
URBN
Urbn IT Business Systems Analyst, Merchandising Systems
Permanent · PHILADELPHIA
URBN
Free People: Senior Buyer, Denim/Bottoms
Permanent · PHILADELPHIA
UNDER ARMOUR
Stock Teammate, Part-Time, Starting Pay $15 Per Hour
Permanent · TULALIP BAY
COLUMBIA SPORTSWEAR COMPANY
Operations Manager - Swing Shift
Permanent · PORTLAND
BLOOMINGDALE'S
Asset Protection Detective, Full Time, Roosevelt Field
Permanent · GARDEN CITY
BLOOMINGDALE'S
Manager, Sales - Fine Jewelry
Permanent · ORLANDO
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time, Bloomie's
Permanent · FAIRFAX
ADIDAS
Retail General Manager Adidas - Sawgrass Mills 6156, Sunrise, fl
Permanent · SUNRISE
URBN
Urban Outfitters Visual Merchandising Manager
Permanent · PALO ALTO
URBN
Urban Outfitters Visual Merchandising Manager
Permanent · TUCSON
URBN
Anthropologie Design Director - Furniture
Permanent · PHILADELPHIA
URBN
Anthropologie Design Director - Fabric & Textile Concept
Permanent · PHILADELPHIA
URBN
Free People Associate Merchandise Planner
Permanent · PHILADELPHIA
BATH & BODY WORKS
Manager, Public Relations & Influencer
Permanent · REYNOLDSBURG
COLUMBIA
International Marketing Manager
Permanent · PORTLAND
URBN
Urbn Financial Analyst
Permanent · PHILADELPHIA
URBN
Free People CRM Analyst
Permanent · PHILADELPHIA
URBN
Free People Assistant Visual Manager
Permanent · WASHINGTON
BATH & BODY WORKS
Senior Manager, Stores Learning And Development
Permanent · COLUMBUS
TUMI
Director, Global Marketing
Permanent · NEW YORK
URBN
Free People Senior Merchandise Planner
Permanent · PHILADELPHIA
UNDER ARMOUR
Stock Lead, ft
Permanent · WOODBURY
By
Reuters API
Published
Jun 4, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

PayPal backs Swedish financial tech startup Tink

By
Reuters API
Published
Jun 4, 2019

PayPal Holdings Inc has invested 10 million euros (£8.9 million) in Tink, a Swedish company that enables banks and financial technology startups to access financial data more easily, the companies said on Tuesday.


Reuters


The San Jose, California-based payments company will use Tink's technology to allow customers to connect their bank accounts to their PayPal accounts, the firms said.

Tink will use the funding to expand its team, build new products and connect to more banks, it said. The company had last raised 56 million euros in February from investors including Insight Venture Partners and the venture capital arms of banks Nordea and ABN Amro Group NV.

Founded in 2012, Stockholm-based Tink has developed a platform that aggregates data from thousands of banks across Europe, allowing third parties such as startups or other banks to use the information to build and power products and services. It works with banks including BNP Paribas SA and financial technology companies such as Klarna AB.

Tink is among the companies hoping to take advantage of the Payments Services Directive 2 (PSD2), new European Union payment-related rules that allow consumers to bypass banks by authorizing third parties to access their banking data and initiate payments on their behalf.

Proponents of so-called open banking believe that making it easier for third parties to access consumers' data will foster more competition in the banking sector and lead to better products and services.

"This is where the market is heading," Tink's chief executive and co-founder, Daniel Kjellén, said in an interview. "You see two mega trends in banking: a move from analog to digital and from closed to open."

Kjellén said connecting to Tink's platform makes it simpler for startups to access the data than having to plug into each bank separately.

PayPal's investment in Tink comes less than a week after U.S. financial data aggregator Plaid announced it was expanding to the UK, in part to take advantage of new open-banking rules in the region.

Like Tink, Plaid aggregates information from thousands of banks which is used by financial technology startups to power their apps and services.
Kjellén declined to disclose whether Tink had any plans to expand to the United States.

© Thomson Reuters 2022 All rights reserved.