Tink a leading open banking platform in Europe allows FinTechs, banks, and startups to develop data-driven financial services. It enables consumers to access aggregated financial data, enrich transactions, build personal finance management tools, initiate payments, verify account ownership with one API and offer personal banking services to individuals.
Tink was established in 2012 in Stockholm, Sweden, and connects to more than 3,400 banks that reach over 250 million bank consumers throughout Europe. In 2022, it became a wholly owned subsidiary of Visa.
Tink partnered with Revolut to provide open banking services to the consumers of Revolut. Users of Revolut throughout Europe can send their money into their Revolut using payment initiation services (PIS) of Tink. PIS helps users in money transfers from their selected bank account and authorizes and completes the payment immediately without leaving the Revolut platform.
Daniel Kjellén, Co-Founder and CEO, Tink, commented, “Revolut is one of the biggest success stories of the financial services revolution, offering services that better meet the needs of customers. We are excited to be a part of the next stage in Revolut’s growth and see this partnership as an important step in the mass-market adoption of open banking-powered payments across Europe.”
Revolut is a robust platform for easy money management travel perks and investments. It helps people open accounts in flash and serves for business accounts. It also unlocks the power of a borderless economy for everyone. It also offers tools to businesses that they need to start, run, and scale enabling them to expense control and cost reduction, payment acceptance, and management of balance sheets.
Ivan Chalov, Head of Retail at Revolut, stated, “We are delighted to bring Tink’s solutions to Revolut. Our partnership with Tink will enable Revolut to expand our open banking services across new markets in a fast and sustainable way.”