In another raise for mobile banking, Sweden’s Tink raised $10 million in Series B funding in a round led by Swedish investment firm Creades, and SEB Venture Capital.
Tink will use the capital to expand internationally and to transform its product to transform its product to a virtual bank where users can make withdrawals and deposits. The CEO Kjell’en also states that “Tink is now the first company in the world to combine these two services to build a virtual bank where you can do all your day-to-day bank errands, across any account in any bank.”
The Tink app has 300,000 users in Sweden and is looking to expand through Europe. But it does face competition. Mint and Level Money in the U.S., and Numbrs, Bankin’ and Money Dashboard in Europe.