PayPal invested €10 million in Tink, a Swedish financial data technology company, as the payments giant continues a push in Europe.

In a statement, PayPal said the move will enable it to use Tink’s Account Aggregation technology to improve product experiences for its customers.

PayPal explained Tink has a wide range of partners including big banks and individual developers, providing them with “with tools to securely access financial data from across Europe to power innovative digital financial services”.

Jennifer Marriner, PayPal’s VP of global markets and partnerships, said the move was in response to a drive around open banking, allowing customers to easily move and manage their money.

“Tink has developed the infrastructure and data services for this new financial world and we’re excited to work together to continue to democratise financial services.”

Major banking players including Natwest and BNP Paribas are among Tink’s customers. It was founded in 2012 and has 160 employees.

PayPal’s investment in Tink follows an undisclosed investment in Ellevest, a digital investment platform in March and logistics solutions provider Happy Returns in April.