Visa to acquire fintech company Tink for $2.1bn

The deal comes after Visa tried to buy Tink’s American rival, Plaid

Visa has agreed to acquire financial technology start-up Tink for €1.8bn ($2.1bn), inclusive of cash and retention incentives, it said.

Founded by Swedish entrepreneurs Daniel Kjellén and Fredrik Hedberg, Tink started out as a financial management app but later expanded to focus on providing its technology to other businesses instead.

About Tink

Through a single API (application programming interface), Tink enables its customers to access aggregated financial data, use financial services, such as risk insights and account verification, and build personal finance management tools. 

It is integrated with more than 3,400 banks and financial institutions, and was last privately valued at €680m. Tink has raised more than $300m from investors, including PayPal, SEB and ABN AMRO.

“Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals,” Al Kelly, Visa’s CEO, stated.

“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 deal comes after Visa tried to buy Tink’s American rival, Plaid, but was blocked by US regulators on antitrust grounds. Plaid has since continued to flourish as an independent company and was last privately valued by investors at $13.4bn.

The deal with Tink is subject to regulatory approval and other customary closing conditions, Visa said, and it will be financed from cash and won’t impact the company’s stock buyback programme or dividend policy.

Tink will retain its brand and current management team, and its headquarters will remain in Stockholm, Sweden, Visa said.

Further reading: Brazilian digital bank Nubank picks up $500m from Berkshire Hathaway

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