Sopra Banking Software taps Tink’s data channel
Sopra Banking Software, the subsidiary of Paris-based technology firm Sopra Steria, has partnered with Swedish open banking provider, Tink.
The partnership will see Sopra tap Tink’s open banking solutions. These include data aggregation and enrichment, payment initiation, and personal finance management (PFM) technology.
Sopra Banking Software serves roughly 1,500 banks and financial institutions across the world. This makes the partnership a big milestone in Tink’s growth trajectory.
Tink says the Sopra Banking Platform will use the start-up’s technology to offer new cloud-based digital banking solutions.
Sopra’s banking platform currently offers financial firms a catalogue of retail and business products. These span across accounts, savings, lending, payments, channels, and compliance.
Tink’s data will essentially power future banking products offered by Sopra. The start-up called the partnership a “big leap for open banking in Europe” in a statement.
Later in 2020, Sopra plans to use “several” of Tink’s own solutions, including multi-banking, enhanced credit scoring, and integrated payments and transfers.
Tink’s growth to date
The Swedish start-up already connects to more than 2,500 banks and taps roughly 250 million bank customers across Europe.
The fintech landed a second strategic investment from PayPal in June. This undisclosed investment added to Tink’s latest €90 million investment round which took place in January 2020.
At the end of March, the fintech acquired Madrid-based Eurobits technology, a firm which provides account aggregation services, for €15.5 million.
Part of the start-up’s growth strategy following its €90 million investment saw Tink acquire Eurobits to expand its connectivity across Europe.
In December, Tink also opened Italian, Portuguese and Spanish offices. This followed a major deal with Portugal’s largest bank, Caixa Geral de Depósitos.