Visa to acquire open banking platform Tink in €1.8bn deal
Payments giant Visa has signed a definitive agreement to acquire European open banking platform Tink for €1.8 billion.
The companies hope that the deal will “help accelerate the adoption of open banking in Europe by ensuring a secure, reliable platform for innovation”.
Swedish fintech Tink enables financial institutions and merchants to build tailored financial management tools, products and services for European consumers and businesses based on their financial data.
The firm says it is currently integrated with more than 3,400 banks and financial institutions, reaching millions of bank customers across Europe.
Tink will retain its brand and current management team, and its headquarters will remain in Stockholm, Sweden.
“Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals,” says Al Kelly, CEO and chairman of Visa.
“By bringing together Visa’s network of networks and Tink’s open banking capabilities we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure.”
Daniel Kjellén, CEO and co-founder of Tink, adds: “For the past ten years we have worked relentlessly to build Tink into a leading open banking platform in Europe, and we are incredibly proud of what the whole team at Tink has created together.
“Joining Visa, we will be able to move faster and reach further than ever before. Visa is the perfect partner for the next stage of Tink’s journey, and we are incredibly excited about what this will bring to our employees, customers and for the future of financial services.”
The deal, which is subject to regulatory approvals and other customary closing conditions, comes after Visa and Plaid had to call off their $5.3 billion merger earlier this year following pressure from US regulators.