Open Banking platform Tink will go live in five new European markets. The Tink expansion follows a funding round gained €56m ($63.5m).

In addition, this is the Stockholm-base firm’s largest funding round to date. It was fronted by Insight Venture Partners, but it was joined by existing investors Sunstone, SEB, Nordea Ventures and ABN AMRO Digital Impact Fund.

In addition, they were joined by new investors Christian Clausen, former Chairman of the European Banking Federation, and Nikolay Storonsky, founder of Revolut.

The Tink expansion will lead its account aggregation API into the UK, Austria, Germany, Belgium, and Spain. Furthermore, it was already available in the Nordics.

Tink hopes to be present in 20 markets by the end of 2019. Currently, it is in nine with 150 employees in its Stockholm location. Furthermore, the firm hopes to also increase to 300 employees in its European team with four new offices.

Daniel Kjellén, co-founder and CEO, Tink, said: “This funding round allows us to accelerate our European roll-out but also invest further in our data-services. As Europe gradually embraces open banking, our platform has proved to be its rails and brains – delivering the technology that makes it possible. We attribute our success to being the first platform provider to combine Account Aggregation and Payment Initiation, the scale of our connectivity and our smart data products that make it all understandable.

“And now we are going to offer our services to customers in more markets, and to developers in every corner of Europe. By expanding from nine to 20 European markets we are enabling more customers to leverage our products – and propel the development of customer centric financial services.”

What is Tink?

Founded in 2012 by Kjellen and CTO Fredrik Hedberg, Tink’s goal is to bring “financial happiness” to its customers.

Speaking to EPI about the founding, Kjellen says: “We kind of felt that there might be something more to life than working for one of these financial institutions. We saw an opportunity to mix technology and finance.

“Tink is a product and an engineering company at heart. Today, we have half a million users in Sweden. Taking that journey onwards, we allowed customers to make payments from our API. Basically, any type of payment or transfer you could do with you bank, you can now do with Tink.”