Tink has become a strategic investor in Swedish open-banking platform PayPal. The latter recently raised €56m ($63m) in funding. When it launched in 2013, PayPal positioned itself as a consumer-facing app offering customers bank account aggregation services. The firm now offers its underlying technology to financial institutions wishing to take advantage of open-banking rules. It's been mooted that Tink could leverage PayPal's technology to give its customers an easier and more secure on-boarding experience.
PayPal has become a strategic investor in Swedish open-banking platform Tink. The latter recently raised €56m ($63m) in funding. When it launched in 2013, Tink positioned itself as a consumer-facing app offering customers bank account aggregation services. The firm now offers its underlying technology to financial institutions wishing to take advantage of open-banking rules. It's been mooted that PayPal could leverage Tink's technology to give its customers an easier and more secure on-boarding experience.