Visa to acquire fintech platform Tink for €1.8 billion

The payments system Visa has agreed to acquire the Swedish startup Tink for €1.8 billion (~$2.15 billion), the provider of the open-banking platform of the same name.

We are thrilled to announce Visa is acquiring Tink. This is the beginning of a new chapter for open banking. We couldn’t be more excited about what this means for our employees, our customers and the future of finance: https://t.co/X01ZxS9fwx pic.twitter.com/iu9PkrW0FA

— Tink (@tink) June 24, 2021

The deal is subject to regulatory approval. Visa will pay in cash.

According to the press release, Tink will keep its brand and current management team. The company’s headquarters will remain in Stockholm.

Tink enables financial institutions, fintech startups and merchants to create bespoke tools, products and services for managing money for individuals and businesses, based on the latest financial data. The Tink service has integrated with 3,400 banks and financial institutions.

“After combining Tink’s open banking capabilities with Visa’s network, consumers will gain tools that simplify and secure their personal finances,” said Visa’s CEO, Alfred Kelly.

The startup’s business model is based on the revised EU Payment Services Directive (PSD2) from January 2018. The law obliges banks to provide licensed financial-service providers access to the customer data they hold, in order to promote competition and innovation in financial services.

The announcement followed the refusal by the payments giant to acquire fintech startup Plaid due to the Department of Justice position.

In January, Kelly unveiled Visa’s cryptocurrency strategy.

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