Online payments giant PayPal is a strategic investor in Stockholm-based open banking platform Tink, the companies announced today. A spokesperson for Tink told Bank Innovation that PayPal’s €10 million ($11.2 million) investment is part of the company’s previously announced €56 million ($62.9 million) Series D funding round, led by New York-based venture capital firm Insight Partners.

In addition to becoming an investor, PayPal also is a new Tink customer, using its account aggregation technology to “improve product experiences” for PayPal customers in Europe, the companies stated.

The announcement of PayPal’s investment in Tink comes less than one week after U.S. financial data aggregator Plaid announced it was expanding into Europe, starting with the U.K. Tink said the investment would allow the company to continue its expansion across Europe as open banking kicks into high gear.

Tink’s technology, which is designed to give bank customers personalized advice based on their transaction history, already has been integrated by clients including NatWest, ABN AMRO, BNP Paribas Fortis and Swedish fintech Klarna.

Tink launched in 2012 as a consumer-facing finance app with a focus on bank account aggregation services. The company has since repositioned itself to provide big banks down to individual developers with the technology to securely access financial data and enable digital services like account aggregation, payment initiation, personal finance management and data enrichment.

Asked for comment on the investment and how PayPal intends to use Tink’s technology, the company only provided the following statement from Jennifer Marriner, VP of global markets and partnerships of PayPal:

“Open banking is transforming financial services, allowing customers to more 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 democratize financial services.”

Tink’s website states its account aggregation services are used by clients ‘to build more personalized, data-driven experiences that work seamlessly with their own websites and apps.’

Also see: PayPal enhances payments capabilities for e-commerce marketplaces

“Our partnership shows the versatility of our technology – and how it can be implemented to improve a range of use cases in businesses big and small,” Daniel Kjellén, co-founder and CEO of Tink, said in a statement. “The investment is an indicator of the strength of the open banking movement, and it puts us firmly on the path towards our expanded connectivity goals.”

Team members from Insight Partners, which led the Series D round announced in February, were unavailable for comment before deadline.

Tink currently operates in 10 markets in Europe, including the Nordics, the U.K., Germany, Austria, Belgium, the Netherlands and Spain. A company spokesperson said it could not go into specifics on which countries Tink plans to expand into next.