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