Tink completes €15.5m acquisition of Eurobits
Open banking platform Tink has acquired Madrid-based Eurobits technology, a firm which provides account aggregation services, for €15.5 million.
Eurobits, founded in 2004, claims to serve customers across 11 markets, and handle more than 50 million account aggregation requests every month.
It will be subsumed into Tink, with all 54 employees joining the Swedish firm.
According to Tink the acquisition is a step along its organic growth strategy following from a €90 million investment secured in January.
“This acquisition is part of our ongoing investment into our pan-European open banking platform,” says Daniel Kjellén, co-founder and CEO of Tink.
“Not only does it strengthen our platform through increased connectivity, it also gives existing Eurobits customers access to our payment initiation and data services.”
Arturo Gonzalez Mac Dowell, CEO at Eurobits, believes the deal marks a “unique opportunity” for his business.
The acquisition is conditional upon approval from the national competent authorities.
Tink opened Italian, Portuguese and Spanish offices in December 2019, following a major deal with Portugal’s largest bank, Caixa Geral de Depósitos.
The fintech also counts PayPal, Klarna, NatWest, ABN AMRO and BNP Paribas among its users.