Visa (NYSE: V) completed its acquisition of Tink, a Stockholm, Sweden-based open banking platform that enables financial institutions, fintechs and merchants to build financial products and services and move money.
The amount of the deal was 1.8 billion Euros, inclusive of cash and retention incentives.
The transaction was announced in June 2021.
Founded in 2012 in Stockholm and led by Daniel Kjellén, CEO, Tink provides an API that enables its customers to move money, access aggregated financial data, and use smart financial services such as risk insights and account verification. Tink is integrated with more than 3,400 banks and financial institutions, reaching millions of bank customers across Europe. Its 500 employees serve more than 300 banks and fintechs in 18 European markets, out of offices in 13 countries.
With the transaction complete, the combination of Visa and Tink is expected to enable clients to deliver benefits for consumers to control their financial experiences, including managing their money, financial data and financial goals. Businesses large and small will also have access to more customized range of tools to operate digitally and securely, whether initiating payments, reconciling bank statements and accounts or enabling alternative financing.
In the near-term, Tink will operate as a standalone subsidiary of Visa. Kjellén and the existing management team will continue to lead the organization.
FinSMEs
11/03/2022