Visa to acquire Swedish open banking platform Tink
Tink is a leading open banking platform in Europe that enables banks, fintechs and startups to develop data-driven financial services.
Visa said that it would fund the deal from its cash reserves. The acquisition will also have no impact on Visa’s previously announced stock buyback programme or dividend policy, the company said.
Tink said in a press release on Thursday that it “was thrilled” to be joining Visa.
“We share a common mission – to connect the financial world and accelerate the growth and adoption of digital financial services. Teaming up with Visa means we’ll now be able to move faster and reach further than ever before, and we know that Visa is the perfect partner for the next stage of our journey.”
The partnership will allow Tink to grow while continuing to operate as an independent brand and build on its existing strengths, the company added.
When the deal is complete, it will be the third-largest acquisition of a European VC-backed fintech.