visa Co., Ltd.
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Digital Services has agreed to pay more than $ 2 billion to Tink, a Swedish startup that connects more than 3,400 banks and financial institutions in Europe.
The largest card network in the United States is acquiring financial technology companies to establish itself in the fast-growing European open banking market. Open banking regulations in the European Union and the United Kingdom give financial companies access to competitors’ customers and their data if the customers agree.
Banking and consumer financial startups are using Tink’s services to create apps and other tools that allow customers to manage accounts at different institutions in one place.
The banks and financial institutions that Tink connects to have more than 250 million customers in Europe. Through Tink, banks can access aggregated financial data, initiate payments, verify account ownership and build personal financial management tools. Founded in 2012, Tink has 400 employees.
Visa’s acquisition of Tink for € 1.8 billion (equivalent to $ 2.15 billion) is boosting trading activity in the fast-growing world of financial technology. Last week, JPMorgan Chase and Company, Digital Wealth Manager Nutmeg Saving and Investment Ltd, to establish a presence in digital retail banking in the United Kingdom. Agreed to acquire for about $ 1 billion.
Tink Investors Include PayPal Holdings Venture Capital Units Co., Ltd.
ABN AMRO Bank NV and BNP Paribas SA
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Visa has…
