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 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 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.
