Tink’s Plan on Making a Virtual Bank and the $10 Million Investment

In 2016, a business named Tink had gained over $10 million for its ability to build a virtual bank. In this guide, we want to expose more of the in-depth reasoning behind how it works. And how virtual banks will be a great change for small and fintech businesses.

Here are some main thoughts:

  • Businesses today deal with multiple banks. Executing different instructions on these bank accounts are easier to manage on one interface. Instead of three apps.
  • A settlement between different financial providers is usually different and ad hoc. If virtual banks can accumulate this level of cash flow, it would become a very lucrative solution.
  • Today’s businesses use rudimentary level logic around payment transactions with some basic workflow capability available in some cloud accounting systems that can connect to bank services. However, if there are apps such as Tink that can offer a simple This Then That form of recipes and logic in one interface, then it will be a successful virtual bank.

Also, we believe that a virtual bank could have a centralized KYC layer, that’s made for applying for new bank accounts and products faster. This would be an attractive feature for businesses that are tired of going through multiple hoops and fintech providers that are afraid of increasing compliance costs.

What is Tink?

Created in Sweeden in 2013, and was released on Android and iOS platforms, Tink’s earlier mobile version allowed users to view their personal finances, by linking their apps to their credit cards and bank accounts.

Based on the read on data, Tink would provide insights on how to improve the user’s spending habits. Broadly speaking, the app can be compared to other virtual banks and finance management apps such as Level Money and Mint, based by the U.S. And Money Dashboard and Numbers Bankin’ in Europe.

How Tink Has Reached the Developers

Daniel Kjellén states that “Tink has become the first company to combine two financial services where you can build a virtual bank and finish your daily bank account errands, across any bank and account.

“We partner with the highest performing banks and offer our users the ability to cherry pick the best credit cards, mortgage rates, best saving accounts, from a multitude of banks. “

“We give all of our users the traditional finance management services and unbiased assistance and advice.” And based on Kjellén’s mission, his company will use its innovative ideas and techniques to help it grow even further.

The News Behind it

The new $10 million in capital investments will help Tink expand internationally. And by taking advantage over the European banking standards, Tink’s CEO Daniel Kjellén envisions that it will grow into a virtual bank.


To conclude, Tink’s new financial investment is great news for the Fintech business. As the company continues to develop, it will ease the financial management process for the average user, making it easier for them to keep track of their spending.

Do you have any additional questions on Tink’s investments?

Tell us more in the comments below

Leave a Reply

Your email address will not be published. Required fields are marked *