ABN AMRO is investing EUR 1.5 million in the Swedish fintech Tink. Both parties are intensifying their existing collaboration, which last year led to the pilot with the personal finance management app Grip, held among 10,000 ABN AMRO clients.
ABN AMRO regards the partnership with Tink as a success and wants to strategically intensify this relationship by taking a shareholding in the fintech. ABN AMRO is one of four parties investing in Tink in this round, in addition to the Scandinavian bank SEB and two Swedish investment firms.
Frank Verkerk, Chief Digital Officer of ABN AMRO: ‘We believe in the innovative power of Tink and want to strengthen our relationship with them. We have already developed the Grip app together with Tink, which gives clients more insight into their financial situation. We are convinced that this partnership will help us offer clients faster and more innovative services, allowing them to manage their spending and personal finances more conveniently.’
The shareholding in Tink is the first investment of the Digital Impact Fund that ABN AMRO set up in October 2015. The purpose of this EUR 10 million fund is to invest in fintechs that have innovative technology or concepts which can help accelerate ABN AMRO’s digital transformation. ABN AMRO wants to respond to the sharply increasing demand for online service and to serve its clients even better.
Under its digitalisation strategy, ABN AMRO works together with fintech start-ups by bringing them in contact with parties in its own network for investments. The bank also offers facilities and expertise in tech hubs such as TSO Munt Square, a co-working space for start-ups in a former ABN AMRO bank branch. ABN AMRO invests in blockchain technology through Digital Asset Holdings.