Visa announced that it has signed an agreement to purchase the European open banking platform Tink for € 1.8 billion. Tink, integrated with more than 3,400 banks and financial institutions for 250 million banking clients across Europe, will retain the brand and management team and will remain headquartered in Stockholm. Visa would finance the transaction with available liquidity and the acquisition would have no impact on the previously announced share buyback program or dividend policy, the company said.
“Visa is committed to doing everything possible to foster innovation and empower consumers to support the goals of open banking in Europe,” said CEO and President Al Kelly. “By bringing together Visa’s network and Tink’s open banking capabilities, we will deliver greater value to European consumers and businesses with tools to make their financial lives simpler, more reliable and safer.”
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In January, Visa and fintech Plaid, a competitor of Tink, canceled their $ 5.3 billion merger deal following a U.S. government lawsuit on antitrust grounds.
Tink, a Swedish company founded in 2012, offers fintech services that make it easier for banks to share customer data. The company has 400 employees.