Tink, a Stockholm, Sweden-based open banking platform, Instantor, a Stockholm, Sweden-based provider of credit decision solutions based on open banking technology.
The amount of the deal was not disclosed.
The deal will enable Tink to continue its expansion across Europe and strengthen its product offering. Following the acquisition, Instantor’s products and services — that are used by more than 150 live customers, including banks and fintechs across 13 European markets — become part of Tink. Founded in 2010 and led by Simon Edström, CEO, Instantor provides banks and fintechs with products to enhance credit decisions by extracting insights from consumer bank transactions to verify income and identify risk behaviours to allow for improved assessments of credit risk. Headquartered in Stockholm, the company supports more than 5 million credit decisions annually and had an annual revenue of €4M in 2019.
Led by Daniel Kjellén, CEO, Tink is an open banking platform that enables banks, fintechs and startups to develop data-driven financial services. Through one 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 serving 14 European markets out of 13 offices.