Tink, a Stockholm, Sweden-based open banking platform, acquired Eurobits Technologies, a Madrid, Spain-based provider of account aggregation services, for €15.5m.
The acquisition, conditional upon approval from the national competent authorities, will strengthen Tink’s bank connectivity coverage and its market position in Southern Europe. After the acquisition, the company’s open banking platform will cover 17 markets.
The deal complements Tink’s organic growth strategy to enhance its platform, increase connectivity and expand its product offering and builds on the €90m investment secured in January 2020.
Founded in 2004 and led by Arturo Gonzalez Mac Dowell, CEO, Eurobits serves some of the largest fintechs and financial institutions across Europe, providing connectivity to bank account information for banks, fintechs and payment providers. It currently is live with customers in 11 markets, handling more than 50 million account aggregation requests every month powering over 50 banks and fintechs such as BBVA, Santander, Bankia, Sabadell, Fintonic, Telefonica, National Bank of Greece and La Banque Postale (France). In addition to its European focus, Eurobits also serves customers with account aggregation services in Mexico, Chile, Colombia, Argentina and Peru. Its 54 employees will become part of the Tink team.
Led by Daniel Kjellén, co-founder and CEO, Tink is an open banking platform that enables banks, fintechs and startups to develop data-driven financial services. Through its API, the company allows customers to access aggregated financial data, initiate payments, enrich transactions and build personal finance management tools. Tink connects to more than 2,500 banks that reach over 250 million bank customers across Europe. Founded in 2012, the company has 270 employees and serves 14 European markets out of 12 offices in London, Paris, Helsinki, Amsterdam, Warsaw, Madrid, Copenhagen, Milan, Oslo and Lisbon. Its technology and connectivity power some of the world’s leading banks and fintechs, including PayPal, Klarna, NatWest, ABN AMRO and BNP Paribas and more than 5,000 developers.