On Thursday, Visa announced that it has signed an agreement to acquire Swedish open banking platform Tink for $2.2 billion.
The banking platform enables financial institutions, fintechs and merchants to develop tailored financial management tools, products and services for European customers as well as businesses based on their financial data. It will not lose its brand and current and management team and its headquarters will continue to remain in the capital of Sweden i.e. Stockholm.
The proven infrastructure and sustained investment in resilience, fraud prevention and cyber security provided by Visa combined with Tink’s Application Programming Interfaces (APIs), technology and customer relationships is expected to help further advance the adoption of open banking in Europe by ensuring a platform which is secure and reliable for innovation.
Consequently, customers will be able to control their financial experiences such as managing their money, financial data and financial goals in a greater manner.
Al Kelly, the CEO and Chairman of Visa stated, “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.”
“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… We are incredibly excited about what this will bring to our employees, customers and for the future of financial services”, said the CEO and co-founder of Tink, Daniel Kjellén.
The Swedish open banking platform is integrated with more than 3,400 banks and financial institutions.