The global company “Visa” for electronic payment systems and credit card issuance has agreed to buy the Swedish open banking platform “Tink AB”, as Visa looks to expand outside its card network.
San Francisco-based Visa announced in a statement Thursday that it will pay a total of 1.8 billion euros ($2.15 billion) — including cash incentives and employee retention — to acquire the fintech company, Bloomberg News reported. .
Banks and startups use TINK to access the financial data of consumers.
The startup was founded in Stockholm in 2012 and has around 400 employees, with technology connecting more than 3,400 banks reaching more than 250 million banking customers across Europe.
“This acquisition is a sign of our commitment to Europe,” Charlotte Hogg, CEO of Visa Europe, said in the statement. “We have found in TINK a strong partner with whom we can accelerate innovation in open banking.”