The financial world is growing day by day as a business is increasing. International trade has given a so much boom to financial websites and financial data providers that you cannot imagine.
PayPal is investing about 10 million euros that are about $11 million in a startup firm Tink. Tink will do works of joining most of the banks and financial services provider’s data into one place. That will help most of the new startup banks and financial firms to get data. They will be able to make services and new products.
Connecting bank accounts to PayPal accounts
The PayPal Company will use Tink technology to connect various accounts to PayPal accounts. With increasing Purchases from international marketers and suppliers, it increased the business for this online financial service provider. Linking bank accounts to PayPal will make it easier for them to purchase online.
And it would be easier for the seller to sell online. Tink will use funding’s to connect to more banks as many as possible. The company previously raised $62.7 million including venture partner Nordea and ABN Amro group.
Tink (Founded in 2012)
The company was established in 2012 to aggravate data from various banks. It has created a platform for financial service providers. Tink is amongst the company that is working to take advantage of the PSD2. That allows the third party to bypass the bank and make a deal on behalf of the buyer or seller.
This will increase competition in the banking world that will lead to better product and service production. The CEO of Tink said that it would be easier for new bank start-ups to connect to Tink rather than connecting every bank separately. This is an excellent initiative for the new startup banks which are thinking to enter the financial market.