The Swedes continue to give us ways to be careful with our pocketbooks. First we got Ikea, the only way to outfit an entire apartment in less than you spend on rent (in San Francisco), and now Tink, a mobile finance app.
Launched in 2013, Tink's mobile app helps people check up on their personal finances and make sure they're doing well. The company announced today that it has raised $4 million in new funding to continuing growing and expand internationally to the U.S. and other European countries.
Much like with the popular Mint app, Tink users connect their various banking accounts and can see where their spending is going, and can create budgets for categories or small goals such as saving for a particular trip or concert ticket. The app uses a colorful design and game-like approach to motivate people to closely monitor their spending.
“Personal finance doesn’t have to be boring or time-consuming. We make something that in just seconds gives you valuable, fun, and actionable information about your spending,” said Tink chief executive Daniel Kjellén in a statement.
“The fact that Tink is fully automated and everything is presented in a feed format makes it useful even if you only have two minutes to spare," he said.
Since its launch, 200,000 people in Sweden have created accounts on Tink, which represents about 2 percent of the country's population, according to the company. It will, however, likely face stiff competition in the U.S. and other markets as several similar apps have already become popular, such as Mint and more savings-focused services such as BillGuard.
Sunstone Capital led the round, with additional participation from Sven Hagströmer and existing Tink investors.
Tink was founded in 2012 by Fredrik Hedberg and Daniel Kjellén and is based in Stockholm, Sweden. Tink's app is available on iOS and Android.