A gaggle of former Tink employees has raised €5 million in seed funding for their startup promising to help businesses automate all of their payment activities.

Joel Nordström, Joel Wägmark, and Johannes Elgh formed Stockholm-based Atlar earlier this year following open banking outfit Tink's €1.8 billion acquisition by Visa.

They have already secured seed funding, led by Index Ventures, for the startup, which is working to automate payment processes which are still often done manually.

Atlar lets businesses connect to its platform via an API, which in turn connects to their banks. Businesses’ can then automate all of their payment activities - including initiating transfers, reconciling transactions, and handling direct debits.

This, says the company, reduces the labour demanded to maintain money flows and business records, meaning payments don’t get skipped and man-hours are freed up.

Atlar has already secured several clients, including Lassie, an insurance company, Mynt, a payments player, and Banxware, a German fintech lender.