Swedish open banking company Tink has filled its coffers by signing an extended commercial agreement with PayPal which now sees it include all countries within the European Economic Area (EEA).
As a first step, PayPal will implement Tink’s open banking and account aggregation technology into some user experiences for customers. The expanded relationship is supported by a second strategic investment from PayPal, carried out in connection to Tink’s latest €90m investment round that was announced in January 2020. PayPal’s first strategic investment in Tink was made in June 2019.
“PayPal is one of the world’s leading FinTech companies, serving more than 330 million consumers and merchants in more than 200 markets worldwide,” said Daniel Kjellén, co-founder and CEO of Tink. “So we are honoured to have been selected to help this global leader and delighted to have the opportunity to extend our relationship with them following this new agreement and strategic investment. As Europe’s leading open banking platform, we are looking forward to continuing to support PayPal as they extend and enhance their services across the whole of Europe.”
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