Founded in 2012, Tink provides a consumer finance app that is today used by 500,000 people in Sweden. The Tink app allows users to connect all their cards and bank accounts, pay bills and open savings accounts among other things.
Having raised $16.4M in funding in October 2017, Tink pivoted to licensing its technology to banks so they can build their own apps and fintech services.
In April 2018, Tink launched a third-party developer platform, which makes its technology open to any company that wants to gain access to a given consumer's account data (with the consumer's permission). Tink describes it as "compressing the account data from 300 financial institutions into one API."
With a new brand identity centred around ‘financial happiness’, Tink's ambition is to provide data that gives consumers access to better deals through a host of new services. An online ‘mortgage challenger’ developed by Swedish bank SBAB uses Tink's platform to aggregate a customer's existing account data from other banks.
Tink plans to scale the API platform across Europe, where it is already integrated with banks such as BNP Paribas (in Belgium) and ABN Amro.