One of the prominent open banking platforms in Europe, Tink announced the completion of the acquisition of FinTecSystems, a leading German open banking infrastructure company, today. After receiving the regulatory approval, FinTecSystems has now become a part of the European firm.
In terms of open banking, the latest acquisition will support local and international customers through innovative technical solutions. According to Tink, the strong expertise of FinTecSystems in the DACH market will enable the company to offer comprehensive financial technology solutions.
The newly acquired German open banking infrastructure firm will continue to operate as an independent and regulated company in Europe’s biggest economy. In December 2020, Tink raised $103 million in a fundraising round and received a valuation of more than $825 million. Since then, the company’s valuation has jumped significantly amid strong demand for its open banking solutions.
“Following the acquisition, the combination of Tink’s pan-European open banking platform and FinTecSystems’ unrivaled product suite and expertise in the DACH market, will offer both local and international customers in the region the most complete solution when partnering for open banking technology,” Tink highlighted.
Expansion
The recent acquisition has allowed Tink to expand its operations and team. Leading banking and financial technology clients, including DKB, Santander and N26 have joined Tink after FinTecSystems’ acquisition. Moreover, 78 employees of FinTecSystems are now part of Tink’s team.
“The completed acquisition also brings fintech and banking customers to Tink, including N26, DKB, Santander, Solarisbank and Check24. FinTecSystems’ 78 employees become part of the Tink organization, with the new DACH management team including René Sauer, Hannes Rogall, and Caroline Jenke alongside Tink’s Cyrosch Kalateh. Through this completed acquisition, Tink now increases its total number of employees to almost 600,” the company added.
Founded in 2012, Tink has a broad range of clients, including prominent banks and fintech companies across the European region.
