PayPal-backed open banking fintech company Tink has closed an €85m ($103m) investment round extension to further fuel expansion.

The funding round was co-led by private equity firm Eurazeo Growth and existing backer, the London-based B2B software venture capital firm Dawn Capital.

Existing investors PayPal Ventures, HMI Capital, Heartcore, ABN AMRO Ventures, and Poste Italiane and BNP Paribas’ venture arm Opera Tech Ventures, also participated in the round.

The latest investment brings the total amount raised by the company in 2020 to €175m.

Tink intends to use the fresh capital to fund its expansion and the development of its payment initiation technology.

Founded in 2012, Tink allows customers to access aggregated financial data, initiate payments, and create personal finance management tools, via a single API.

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It powers digital services for over 300 banks and fintechs such as PayPal, NatWest, ABN AMRO, BNP Paribas, Nordea and SEB, and over 8,000 developers.

Tink employs over 350 people and operates in Sweden, the UK, France, Spain, Germany, Italy, Portugal, Denmark, Finland, Norway, Belgium, Austria, and the Netherlands.

Tink processes one million transactions each month in five markets.

Through the latest funding round, it aims to foray its payment initiation services in 10 markets next year.

Tink co-founder and CEO Daniel Kjellen said: “We significantly built out our bank connections across Europe, increasing coverage from 2,500 to 3,400 banks, and now serve more than 300 world-leading financial institutions.

“We also doubled the fintech users on our platform to 8,000 and increased employees from 250 to 365, in 13 offices across Europe.

“2020 has seen payments powered by open banking take-off, and in 2021 we expect to see this scale – most prominently in the UK, followed by Europe.

“This funding extension will further facilitate the development of our payment initiation services across Europe, while continuing to deliver new data-products built on open banking technology to our customers.”

Last month, Tink completed its acquisition of Spanish account aggregation provider Eurobits Technologies.

In September, Tink became the open banking technology provider of Enel X, part of Europe’s largest utility company the Enel Group.

Tink acquired the aggregation platform of OpenWrks, a UK-based provider of open banking applications.

In July, Tink acquired Swedish credit decision solutions provider Instantor to support its continued expansion across Europe.