Visa (NYSE: V) is to acquire Tink, a Stockholm, Sweden-based open banking platform that enables financial institutions, fintechs and merchants to build tailored financial management tools, products and services for European consumers and businesses based on their financial data.
Visa will pay total financial consideration of 1.8 billion Euros, inclusive of cash and retention incentives, to acquire the Swedish company. The transaction is subject to regulatory approvals and other customary closing conditions. Visa will fund the transaction from cash on hand and this transaction will have no impact on its previously announced stock buyback program or dividend policy.
The combination of Visa’s infrastructure and 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.
Through a single API, Tink allows its customers to access aggregated financial data, use smart financial services such as risk insights and account verification and build personal finance management tools. The solution is integrated with more than 3,400 banks and financial institutions, reaching millions of bank customers across Europe. Tink will retain its brand and current management team, and its headquarters will remain in Stockholm, Sweden, led by Daniel Kjellén, CEO and co-founder.
The company’s 400 employees serve more than 300 banks and fintechs in 18 European markets, out of offices in 13 countries.
FinSMEs
28/06/2021