Financial services company Visa has announced it has signed an agreement to acquire Swedish fintech Tink in a €1.8bn deal.
The nearly 10-year-old open banking fintech — which enables banks, fintechs and startups to develop data-driven services — connects 250 million customers with more than 3,400 banks and financial institutions, according to the joint press release on 24 June.
The deal comes after Visa’s $5.3bn bid to buy Plaid, an American competitor of Tink, flopped earlier this year over competition concerns and after the US Justice Department sued to block the deal from going through in November 2020.
“Joining Visa, we will be able to move faster and reach further than ever before,” said Daniel Kjellén, CEO and co-founder of Tink. “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.”
“Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals,” said Al Kelly, CEO and chairman of Visa.
“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.”
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