Visa to Acquire European Open Banking Platform Tink
Visa, the world's leader in digital payments, announced that it is planning to acquire Tink, a European open banking platform, for a total financial consideration of 1.8 billion Euros. Tink will retain its brand and current management team, and its headquarters will remain in Stockholm, Sweden.
The combination of Visa's proven infrastructure and sustained 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 by ensuring a secure, reliable platform for innovation. As a result, consumers can better control their financial experiences, including managing their money, financial data and financial goals. At the same time, businesses large and small will have a greater and more customized range of tools to operate digitally and securely, whether reconciling bank statements and accounts or enabling alternative financing.
"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."
"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," said Daniel Kjellén, CEO and Co-founder of Tink.
Fazzaco recently reported that Visa is working with Saudi Payments to bring Tap to Phone to the Kingdom of Saudi Arabia. Additionally, the company will support NAGA Group to launch payments platform NAGA Pay in the third quarter.
Subscribe Now
