Swedish Fintech Tink Acquires German Open Banking Counterpart FinTecSystemsby Fintechnews Baltic May 19, 2021
Sweden’s open banking platform Tink continues its expansion across Europe with the acquisition of FinTecSystems, a German open banking infrastructure fintech, powering over 150 banks and fintechs in Germany, Austria and Switzerland.
The acquisition of FinTecSystems is conditional upon approval from the national competent authorities.
Tink said in a statement that this acquisition builds on the €175 million investment that it had secured through two funding rounds in 2020, and complements its organic growth strategy to enhance its platform, increase connectivity and expand its product offering across Europe.
Following the acquisition, FinTecSystems will continue to serve new and existing customers in the DACH region, as part of Tink.
The combination of Tink and FinTecSystems will offer both local and international customers in the region a comprehensive solution when partnering for open banking technology.
In 2021, Tink committed to adding 200 new recruits to the almost 400 employees it has today, to double Tink’s market presence for payments by expanding its payment initiation technology to 10 European countries.
Founded in 2012 and headquartered in Stockholm, Tink currently serves 18 markets out of 13 local offices, with the open banking platform now used by more than 10,000 developers. Meanwhile, FinTecSystems was founded in 2014, with 67 employees operating out of four offices in Germany.
FinTecSystems specialises in data analytics, digital account checks, account aggregation and open banking payments, with customers including N26, DKB, Santander, Solarisbank and Check24.
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.”
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.”
Featured image credit: Edited from Unsplash