Visa Closes Acquisition of Tink
Summary
Visa (NYSE: V) completed its acquisition of Tink, a Stockholm, Sweden-based open banking platform that enables financial institutions, fintechs and merchants to build financial products and services and move money. The amount of the deal was 1.8 billion Euros, inclusive of cash and retention incentives. Founded in 2012 in Stockholm and led by Daniel Kjellén, CEO, Tink provides an API that enables its customers to move money, access aggregated financial data, and use smart financial services such as risk insights and account verification. Its 500 employees serve more than 300 banks and fintechs in 18 European markets, out of offices in 13 countries. Businesses large and small will also have access to more customized range of tools to operate digitally and securely, whether initiating payments, reconciling bank statements and accounts or enabling alternative financing.