Visa to acquire open banking platform Tink for €1.8 billion
By Megha Bhattacharya
Visa today announced it has signed a definitive agreement to acquire Tink, a European open banking platform. Visa will pay total financial consideration of €1.8 billion, inclusive of cash and retention incentives, to acquire Tink. The transaction is subject to regulatory approvals and other customary closing conditions.
“Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals,” said Al Kelly, CEO and Chairman of Visa. “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.”
“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. Joining Visa, we will be able to move faster and reach further than ever before. Visa is the perfect partner for the next stage of Tink’s journey, and we are incredibly excited about what this will bring to our employees, customers and for the future of financial services,” said Daniel Kjellén, CEO and Co-founder of Tink.
Recently, German full-service payment provider Novalnet AG, and European open banking platform Tink, partnered to bring a new open banking payment solution to the European payments market.
Charlotte Hogg, CEO of Visa Europe, added, “This acquisition is a sign of our commitment to Europe. In Tink, we have found a strong partner with whom we can accelerate innovation in open banking for the benefit of our collective clients and the citizens of the U.K. and the E.U., while investing in high-skill tech jobs on the continent.”