Visa claimed Thursday it experienced agreed to get Swedish fintech startup Tink for $two.one billion in a transfer to get a chunk of Europe’s rapid-growing open up banking industry.
Underneath European legislation, financial institutions need to provide third-get together companies with obtain to consumer data if the buyers have consented. This has made an option for businesses these as Tink, which presents technologies so financial institutions can obtain aggregated financial data, initiate payments, confirm account possession, and construct personal-finance management equipment.
According to Visa, Tink is now integrated with extra than 3,four hundred financial institutions and financial institutions, reaching tens of millions of lender buyers across Europe.
Visa’s acquisition of the Swedish company comes 5 months just after it abandoned its bid to obtain Plaid, an American rival of Vink, for $5.3 billion amid opposition from U.S. regulators.
“Visa is fully commited to carrying out all we can to foster