EXCLUSIVE – Swedish PFM firm Tink landed a major partnership with Belgium’s BNP Paribas Fortis, nearly doubling the fintech’s userbase.
BNP Paribas Fortis will integrate Tink’s Aggregation, Personal Finance Management (PFM) and Payment Initiation technology into its mobile banking applications.
The first step will be to roll out Tink to BNP’s mobile-first digital bank, Hello Bank, in Belgium this summer.
Hello Bank currently has about 480, 000 users in Belgium, a BNP spokesperson told Bank Innovation in an email today. Stockholm, Sweden-based Tink, on the other hand, has 500,000 users in Sweden, its core region, Tink CEO Daniel Kjellén told Bank Innovation.
Launched in 2012, Tink started off as a read-only customer finance management tool, but has since added payment infrastructure to the platform enabling p2p payment transactions as B2C capabilities.
The app also acts like a multibank platform where the user can find all their financial data from various banks onto a single platform.
Check out how the app works here.
In 2016, Tink partnered with Dutch bank ABN AMRO, which is also an investor in the startup. ABN’s PFM app Grip was built using Tink’s Swedish consumer app as a model.
Tink also has a partnership in place with payments giant Klarna, Kjellén told Bank Innovation. Over the course of the year, the app will launch in 10 other markets across Europe, he said.
As for the partnership with BNP, once the app is rolled out on Hello Bank in the summer, the next step will be to integrate the app to BNP’s Easy Banking App in the Fall.
Max Jadot, CEO BNP Paribas Fortis, said in a statement Friday:
Working closely with successful FinTechs and integrating them into our ecosystem is part of the DNA of our bank. To enhance client satisfaction and forge ahead in innovation, we signed a partnership with Stockholm based FinTech Tink. Tink has a strong focus on B2C and a proven track record with their consumer app in Sweden with over half a million users. We are thrilled to team up with Tink in view of enhancing our client’s convenience while continuing to guarantee the same high level of protection of client data.
Thanks to EU’s PSD2 regulation, there has been a bourgeoning market for multi-banking platforms like Tink. In the U.K., Emma, another such app, recently formed a partnership with Starling Bank.1 - Reader Likes This Post