After terminating plans for the acquisition of Plaid, Visa is set to acquire Tink, the Swedish open banking platform.
June 24, 2021, | AtoZ Markets – Payment system Visa has agreed to acquire for €1.8 billion ($2.15 billion) the Swedish startup Tink, which is behind 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 maintain its brand and current management team. The company’s headquarters will remain in Stockholm.
Tink enables financial institutions, fintech startups, and merchants to create customized financial management tools, products, and services for citizens and companies based on the financial data of the latter. Tink has integrated with 3,400 banks and financial institutions.
“By integrating Tink’s open banking capabilities into the Visa network, consumers will have tools that simplify and secure their personal finances,” commented payments CEO Alfred Kelly.
The startup’s business model is based on the updated EU Payment Services Directive (PSD2) of January 2018. This law obliges banks to provide licensed financial service providers with access to the customer data they hold in order to stimulate competition and innovation in the financial services industry.
The announcement of the acquisition came after the refusal of the payment of the purchase giant fintech Plaid startups because of the position of the American Ministry of Justice.
As a reminder, in January, Kelly presented the Visa strategy in the field of cryptocurrencies.
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