SEB and ABN Amro join $10 million round in PFM startup Tink

Sweden's SEB has contributed $4.2 million to a $10 million funding round in local PFM outfit Tink, making it the fifth-largest shareholder in the 10-person startup. The Tink app continuously collects, sorts and analyses consumer spending into definable categories and provides user-defined budgets and alerts when a maximum spending limit is reached. SEB's Christoffer Malmer, co-head for division corporate and private customers, says: "The combination of our integrated offering and Tink's functionality is a good example of how established banks and fintech companies can create customer benefits together.”