Yesterday, NYSE-listed financial services provider, Visa announced that the company completed the acquisition of Tink, a prominent open banking platform in Europe that enables fintech companies, banks and other startups to develop data-driven financial services.
Tink facilitates its clients through a single API. The platform is integrated with over 3,400 banks and financial institutions. According to the details shared by Visa, Tink will continue to operate as a standalone subsidiary of the financial services provider in the near future.
In June 2021, Visa signed an agreement to acquire Tink in a deal worth 1.8 billion euros. Through the combination of its services with Tink, Visa is planning to assist its clients with sustainable benefits.
“Digital tools are driving the new economy, and the combination of Visa and Tink will support greater choice and quality of digital money services as the lines between commerce, financial services and payments continue to converge,” said Charlotte Hogg, the CEO of Visa Europe.
In the past 12 months, Visa announced several acquisitions to expand its global presence. The company completed the acquisition of Currencycloud in December 2021.
Digital Financial Services
The global demand for innovative technology-driven financial solutions has increased significantly since the outbreak of the pandemic. According to Jack Forestell, the Chief Product Officer of Visa, the combination of Visa and Tink’s services will increase the adoption of open banking.
“Openness and innovation are the two vital elements necessary to fuel the growth of future digital financial services. The combination of Visa’s proven infrastructure and sustained investment in resilience, cybersecurity and fraud prevention with Tink’s APIs, technology and customer relationships will help accelerate the adoption of open banking around the world by providing a secure, reliable platform for innovation,” Forestell said.
Visa mentioned that Daniel Kjellén, the Co-Founder and CEO of Tink, along with the existing management team will continue to lead the company.
