The largest payment processor in the world, Visa just completed its acquisition of Tink, a Swedish open banking platform. This transaction will enable Visa and Tink to combine the forces to offer their customers a high-performance experience by promising high financial control power. Tink, which currently offers smart financial services to its customers, will be able to reach its customers in integration with over 3400 banks and financial institutions in Europe, while offering a more secure and customized service in partnership with Visa. As an independent subsidiary of Visa, the Stockholm-based company will continue to provide its services with its CEO and Co-Founder, Daniel Kjellén, and its current management team.
Visa Completes Acquisition of Tink
Visa today announced it has completed its acquisition of Tink – an open banking platform that enables financial institutions, fintechs and merchants to build financial products and services and move money. Through a single API, Tink enables its customers to move money, access aggregated financial data, and use smart financial services such as risk insights and account verification. Tink is integrated with more than 3,400 banks and financial institutions, reaching millions of bank customers across Europe.
With the transaction complete, the combination of Visa and Tink is expected to enable clients to deliver substantial benefits for consumers to better control their financial experiences, including managing their money, financial data and financial goals. Businesses large and small will also have access to a greater and more customized range of tools to operate digitally and securely, whether initiating payments, reconciling bank statements and accounts or enabling alternative financing.
“Digital tools are driving the new economy, and the combination of Visa and Tink will support greater choice and quality of digital money services as the lines between commerce, financial services and payments continue to converge,” said Charlotte Hogg, CEO of Visa Europe.
Jack Forestell, Chief Product Officer of Visa added, “Openness and innovation are the two vital elements necessary to fuel the growth of future digital financial services. The combination of Visa’s proven infrastructure and sustained investment in resilience, cybersecurity and fraud prevention with Tink’s APIs, technology and customer relationships will help accelerate the adoption of open banking around the world by providing a secure, reliable platform for innovation.”
“Global networks enable innovators to scale, and Visa provides the best foundation for Tink to build on,” said Daniel Kjellén, CEO and co-founder of Tink. “Visa will help Tink increase its connectivity to more than 15,000 financial institutions, utilizing Visa’s consumer trust and brand recognition to develop the future of financial services, that we can together offer to clients throughout Europe, and around the globe.”
In the near-term, Tink will operate as a standalone subsidiary of Visa. Tink CEO and Co-founder Daniel Kjellén and the existing management team will continue to lead the organization.
About Visa Inc.
Visa is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Their mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. They believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.
About Tink
Tink is a leading open banking platform in Europe that enables banks, fintechs and startups to develop data-driven financial services. Through one API, the company allows customers to access aggregated financial data, initiate payments, enrich transactions, verify account ownership and build personal finance management tools. It connects to more than 3,400 banks that reach over 250 million bank customers across Europe. Founded in 2012 in Stockholm, the company’s 500 employees serve more than 300 banks and fintechs in 18 European markets, out of offices in 13 countries.
Originally published on ArcticStartup : Original article