Visa announced it has signed a definitive agreement to acquire Tink, a Swedish open banking platform, for 1.8 billion Euros (US$2.2 billion).

Tink will retain its brand and current management team, and its headquarters will remain in Stockholm, Sweden.

The combination of Visa’s proven infrastructure and sustained investment in resilience, cybersecurity and fraud prevention with Tink’s APIs, technology and customer relationships is expected to help accelerate the adoption of open banking in Europe by ensuring a secure, reliable platform for innovation.

As a result, consumers can better control their financial experiences, including managing their money, financial data and financial goals.

At the same time, businesses large and small will have a greater and more customised range of tools to operate digitally and securely, whether reconciling bank statements and accounts or enabling alternative financing.

Tink is integrated with more than 3,400 banks and financial institutions, reaching millions of bank customers across Europe.

“Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals.

 

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.”

said Al Kelly, CEO and Chairman of Visa.

“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.

This article first appeared on fintechnews.ch

Featured image: Edited from Pixabay