Visa announced that it has signed a definitive agreement to acquire Tink, a Swedish open banking platform, for 1.8 billion euros ($ 2.2 billion).
Tink will retain its brand and current management team and its headquarters will remain in Stockholm, Sweden.
The combination of Visa’s proven infrastructure and continued investment in resilience, cybersecurity and fraud prevention with Tink’s APIs, technology and customer relationships is expected to help accelerate the adoption of open banking in Europe by providing a secure, reliable platform for innovation is guaranteed.
As a result, consumers can have more control over their financial experiences, including managing their money, financial data, and financial goals.
At the same time, large and small companies receive a larger and more individual range of tools to act digitally and securely, be it when comparing bank statements and accounts or when enabling alternative financing.
Tink is integrated in more than 3,400 banks and financial institutions and reaches millions of bank customers across Europe.
“Visa is committed to doing everything in our power to drive innovation and empower consumers to support Europe’s open banking goals.
By bringing together the Visa network and Tink’s open banking capabilities, we will bring value to European consumers and businesses with tools that make their financial lives easier, more reliable and safer. “
said Al Kelly, CEO and Chairman of Visa.
“By joining Visa, we can move faster and reach further than ever before.
Visa is the perfect partner for the next leg of Tink’s journey and we are incredibly excited to see what this will bring to our employees, customers and the future of financial services. “
said Daniel Kjellén, CEO and co-founder of Tink.
Featured image: Edited by Pixabay