PayPal Holdings has invested $11.2 Million (10 Million euros) in Tink, a Swedish firm that facilitates financial technology start-ups and banks to access financial data easily.
PayPal would utilize Tink’s technology to let customers link their bank accounts with their PayPal accounts. Tink will employ the funding to enlarge its team, develop new products and link to more banks, it stated.
In February, the company had collected $62.7 Million (56 Million euros) from financiers counting Insight Venture Partners and the venture capital subdivisions of banks ABN Amro Group NV and Nordea.
Stockholm-based Tink was established in 2012 and has developed a network that collects data from thousands of banks in Europe, permitting third parties like startups or other banks to utilize the information to advance and power products and services.
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Tink is amongst the companies expecting to take benefit of the PSD2 (Payments Services Directive 2), which is a new EU (European Union) payment-related directive that lets consumers go around banks by permitting third parties to link their banking data and start payments on their behalf.
Recently, PayPal was in news for starting access to the e-commerce platform that has already been utilized by Facebook and Instagram. Reportedly, PayPal is rolling out the latest e-commerce platform that provides small businesses the equivalent access to the online shopping infrastructure same as technology titans like Facebook.
The latest platform brings together current subdivisions of PayPal’s payments business and letting shoppers check out through PayPal and merchants to accept money online.