The financial services corporation Visa has announced that it has signed a agreement to acquire Swedish Banking Platform Tink.
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.
Tink 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.
The CEO and Chairman of Visa, Al Kelly, said:
“Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals,”
“By bringing together Visa’s network of networks and Tink’s open banking capabilities we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure.”
The CEO and Co-founder of Tink, Daniel Kjellén, said:
“For the past ten years we have worked relentlessly to build Tink into a leading open banking platform in Europe, and we are incredibly proud of what the whole team at Tink has created together.
“We have built something incredible and at the same time we have only scratched the surface. Joining Visa, we will be able to move faster and reach further than ever before. Visa is the perfect partner for the next stage of Tink’s journey, and we are incredibly excited about what this will bring to our employees, customers and for the future of financial services.”
