Tink enables financial institutions, fintechs, and merchants to build tailored financial management tools, products, and services for Europe-based consumers and businesses based on their financial data.
Through a single API, Tink allows its customers to access aggregated financial data, use smart financial services such as risk insights and account verification, and build personal finance management tools. Tink is integrated with more than 3,400 banks and financial institutions, reaching millions of bank customers across Europe. 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.
European Union law – the revised Payment Services Directive (PSD2) – mandates that banks enable access to registered third-party providers on behalf of, and with the consent of, their customers. As a result, innovators of all kinds, ranging from financial institutions, fintechs, developers, platform players, and merchants, are increasingly leveraging Open Banking solutions to empower consumers with more choice in how and where they share their financial data. Tink is one of the over 440 third party providers across Europe that provides Open Banking services.
The transaction is subject to regulatory approvals and other customary closing conditions. Visa will fund the transaction from cash on hand and this transaction will have no impact on Visa’s previously announced stock buyback program or dividend policy.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now