Earlier today, Visa made its definitive agreement to acquire Tink public. Tink is an European open banking platform. It helps financial institutions, fintechs and merchants to build tailored financial management tools, products and services for European consumers and businesses based on their financial data.
A financial consideration of 1.8 billion Euros inclusive of cash and retention incentives will be payed by Visa in order to acquire Tink.
Tink enables its customers through a single API to access aggregated financial data, use smart financial services such as risk insights and account verification and build personal finance management tools.
Tink reaches a millions of bank customers across Europe. Integrated with more than 3,400 banks and financial institutions, Tink will retain its brand and current management team. It’s headquarters will remain in Stockholm, Sweden.
The adoption of open banking in Europe is expected to accelerate due to the collaboration between Visa and Tink. Visa has proven infrastructure and sustained investment in resilience, cybersecurity and fraud prevention whereas Tink enjoys excellent APIs, technology and customer relationships.
Al Kelly, CEO and Chairman of Visa claimed that Vida will leave no stone unturned to foster innovation and empower consumers in support of Europe’s open banking goals. Kelly further added that Visa is committed to bring its network of networks and Tink’s open banking capabilities together to deliver increased value to European consumers and businesses. Daniel Kjellén, CEO and Co-founder of Tink also expressed his excitement and gratitude to Visa by saying that Visa is the perfect partner for the next stage of Tink’s journey. He also said that they are highly excited about what this will bring to our employees, customers and for the future of financial services.
