PayPal, an American company operating a worldwide online payments system, invested $11m in Swedish start-up Tink, which develops a mobile application to track personal finances. Tink will use the funding to expand its team, build new products and connect to more banks, it said. “Open banking is transforming financial services, allowing customers to more easily move and manage their money,” said Jennifer Marriner, VP of global markets and partnerships at PayPal. “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.”