Tink completes the acquisition of FinTecSystems
By Joy Dumasia
European open banking platform Tink has completed the acquisition of leading German open banking infrastructure FinTech, FinTecSystems, following regulatory approval. FinTecSystems is thereby becoming part of Tink.
Following the acquisition, the combination of Tink’s pan-European open banking platform and FinTecSystems’ unrivalled product suite and expertise in the DACH market will offer both local and international customers in the region the complete solution when partnering for open banking technology.
The completed acquisition also brings FinTech and banking customers to Tink, including N26, DKB, Santander, Solarisbank and Check24. FinTecSystems’ 78 employees become part of the Tink organisation, with the new DACH management team including René Sauer, Hannes Rogall and Caroline Jenke alongside Tink’s Cyrosch Kalateh. Through this completed acquisition, Tink now increased its total number of employees to almost 600. FinTecSystems will continue to function as an independent, regulated company in Germany.
FinTecSystems is a leading German open banking platform specialising in account aggregation, data analytics and open banking payments. With connectivity to more than 99% of banks in the DACH region, alongside leading value-added data services, FinTecSystems delivers account information in a way that enables companies to make better, data-driven and automated decisions.
Tink is Europe’s leading open banking platform that enables banks, FinTechs and startups to develop data-driven financial services. Tink allows customers to access aggregated financial data, initiate payments, enrich transactions, verify account ownership, and build personal finance management tools through one API.
IBS Intelligence reported that Tink, Europe’s open banking platform, published new research that reveals that despite growing positivity, the complete implementation of open banking will take financial institutions many years to realise.
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