The partnership, which is already live, sees Tink’s payment initiation service (PIS) technology embedded in the Wealthify app. This enables investors to transfer an initial investment sum during the onboarding process and make additional payments to top-up their accounts. Previously, this was a manual process where people had to initiate the payment separately, by going to their own bank’s app or web service. Now, investors can consent to connect to their bank account in the Wealthify app or web page and complete their payment in a few steps.
In June 2020, Wealthify became a wholly owned subsidiary of insurance and investment giant Aviva and is set to double its 50,000 investors in the coming year. Starting out as a Stocks, Shares, and General Investment accounts platform, it has since expanded into Ethical Investments, Junior Stocks and Shares ISAs, and Self-invested Personal Pensions (SIPPs).
This new partnership follows Tink’s EUR 85 million investment round at the end of 2020, to fuel the Open Banking platform’s expansion of payments services across Europe. During 2021 Tink will increase staff by 50%, adding 200 new recruits to its almost 400 employees today. Many of these new employees will focus on doubling the fintech’s market presence for payments services, by expanding operations to 10 European countries.
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