PayPal-backed Tink has seen its valuation rise to $827mn (€680mn) following an investment round.
In Brief:
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According to CNBC, the open banking startup has raised €85mn in a funding round.
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This was led by Eurazeo and Dawn Capital.
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The Swedish FinTech enables FinTech firms to access banking data to help build new products.
What does this mean?
Open banking has been an interesting buzz-phrase for some time now, but only in the past year have we really started to see interest in its practical solutions. Tink aggregates data from banks and opens it up to smaller players, meaning they can build new financial products based on the real needs of the market.
