LONDON & SAN FRANCISCO–(BUSINESS WIRE)–
Visa (NYSE: V) today announced it has signed a definitive agreement to acquire Tink, a European open banking platform that enables financial institutions, fintechs and merchants to build tailored financial management tools, products and services for European consumers and businesses based on their financial data. Visa will pay total financial consideration of 1.8 billion Euros, inclusive of cash and retention incentives, to acquire Tink.
Through a single API, Tink allows its customers to access aggregated financial data, use smart financial services such as risk insights and account verification and build personal finance management tools. Tink is integrated with more than 3,400 banks and financial institutions, reaching millions of bank customers across Europe. 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