Tink acquires German open banking firm FinTecSystems
By Megha Bhattacharya
Tink has announced the acquisition of German open banking infrastructure FinTech FinTecSystems in a bid to accelerate its European expansion. The acquisition will strengthen FinTecSystems’ market position, with Tink further fuelling the company’s high growth and open banking capabilities in the DACH region. The acquisition of FinTecSystems is conditional upon approval from the national competent authorities.
According to Tink, the combination will offer both local and international customers in the region a complete solution when partnering for open banking technology.
Stefan Krautkrämer, co-founder and Managing Director of FinTecSystems said, “We are proud to have built the leading open banking platform in DACH, serving some of the biggest and most innovative financial institutions and fintechs in the region. Now we are equally proud that FinTecSystems will become part of Europe’s leading open banking platform. By joining forces with Tink, there is a unique opportunity to further strengthen FinTecSystems’ position as the open banking leader in the region, and better support our clients to expand across Europe.”
FinTecSystems specialises in data analytics, digital account checks, account aggregation and open banking payments, with customers including N26, DKB, Santander, Solarisbank and Check24. It delivers account information with an aim to enable companies to make better, data-driven and automated decisions – with three in every four online credit decisions in Germany involving FinTecSystems.
Daniel Kjellén, co-founder and CEO, Tink, added, “Germany is a key market for Tink, and we are excited to have acquired an innovative leader with a strong reputation for the quality of its bank connectivity and payments services. We have followed FinTecSystems for many years and are impressed by what they have achieved. Through this acquisition, we are taking a big step into the DACH region, and we look forward to supporting the FinTecSystems’ team to further accelerate their growth.”
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