Visa to Acquire Swedish Open Banking Platform Tink for $2.15 Billion

Visa, the American financial services giant, announced today that the company is planning to acquire Tink, a leading European open banking platform, for a total consideration of approximately €1.8 billion ($2.15 billion).

According to the official press release, the mentioned Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term will have no impact on Visa’s previously announced stock buyback program or the company’s dividend policy. The NYSE-listed company is planning to fund the multi-billion dollars acquisition of Tink through cash in hand. The transaction is subject to regulatory approvals.

Founded in 2012, Tink is a Stockholm-based open banking platform that enables banks, financial technology firms and startups to develop data-driven financial services. The Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term firm has more than 400 employees. Tink’s core team includes Daniel Kjellén (CEO) and Patrik Göthlin (COO).

Commenting on the latest announcement, Al Kelly, CEO and Chairman of Visa, said: “Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals. By bringing together Visa’s network of networks and Tink’s open banking capabilities we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure.”

Earlier this month, Visa announced a partnership with Goldman Sachs to help small and large businesses in the modernization of the global money movement. Additionally, Visa is planning to expand its presence in the emerging cryptocurrency market as the company participated in the recent $300 million Fund V by Blockchain Capital.

Fintech and Europe

For the last few years, open banking platforms have seen a surge in popularity across the European markets.

“For the past ten years we have worked relentlessly to build Tink into a leading open banking platform in Europe, and we are incredibly proud of what the whole team at Tink has created together. We have built something incredible and at the same time, we have only scratched the surface. By Joining Visa, we will be able to move faster and reach further than ever before,” Daniel Kjellén, CEO and Co-Founder of Tink, commented.