Stockholm-based Tink acquires OpenWrks’ aggregation platform
By Megha Bhattacharya
Swedish open banking platform Tink today announced the acquisition of aggregation platform of UK-based OpenWrks. The acquisition is expected to strengthen Tink’s connectivity coverage and enable OpenWrks to boost its apps across Europe.
Tink is expected to leverage the collaboration to expand its UK connectivity into business account data. The company stated that the launch of UK business account data would be made available to all its customers later this year.
Rafa Plantier, UK & Ireland country manager, Tink, said, “OpenWrks was the first platform to be licensed in the UK and is arguably the most complete in coverage as it handles more than a third of the country’s account aggregation volume. The UK is a key market for us, and we have grown both our customer base and workforce significantly here since we opened our London office in 2019.”
According to Tink, the acquisition will enable OpenWrks to boost its suite of application through the former’s platform connectivity. The company will also be able to speed up the growth of its affordability and data services business internationally. OpenWrks aims to make its MyBudget and data services available to core European markets early in 2021.
Steve Bradford, co-founder and CCO, OpenWrks, continued, “Our strategy at OpenWrks is to focus all our energy on delivering market-leading consumer applications and data services built on open banking infrastructure. With this in mind, we have been evaluating open banking providers over the past 12 months, and we believe that Tink’s platform presents the best opportunity for us to achieve our three-year mission of helping ten million people in the UK and globally understand what they can afford to save, invest, borrow and repay.”
Mitul Sudra, co-founder and CTO, OpenWrks, added: “Tink and OpenWrks are driven by the same values and we believe that Tink has the most mature platform in the ecosystem today. They have a deep understanding of open data, a mature, sophisticated platform and impressive bank coverage that allows us to enter new markets through a turnkey solution. This combination means that Tink is the outstanding partner for us and, as part of the wider collaboration, we are delighted that our UK connectivity will become part of their global platform.”
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