NEW YORK: PayPal Holdings Inc has invested 10 million euros in Tink, a Swedish company that enables banks and financial technology startups to access financial data more easily, the companies said on Tuesday.
Founded in 2012, Stockholm-based Tink has developed a platform that aggregates data from thousands of banks across Europe, allowing third parties such as startups or other banks to use the information to build and power products and services. It works with banks including BNP Paribas SA and financial technology companies such as Klarna AB.
Proponents of so-called open banking believe that making it easier for third parties to access consumers' data will foster more competition in the banking sector and lead to better products and services."This is where the market is heading," Tink's chief executive and co-founder, Daniel Kjellén, said in an interview."You see two mega trends in banking: a move from analog to digital and from closed to open.
Source: News Formal (newsformal.com)
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