Visa (NYSE: V) today announced that it has completed the acquisition of Tink. Tink is an open banking platform for financial institutions, fintech companies and merchants to build financial products and services and transfer money. Through a single application programming interface (API) provided by Tink, customers are able to transfer funds, access aggregated financial data and use intelligent financial services such as risk insights and account verification. Tink supports more than 3,400 banks and financial institutions, reaching millions of banking customers in Europe.
Following Visa’s acquisition of Tink, it is expected that customers will be able to deliver tangible benefits to consumers, helping them better control their financial experience, including managing money, financial data and financial goals. Whether initiating payments, reconciling bank statements and accounts, or enabling alternative financing, businesses of all sizes will have access to the more and more customized tools they need to operate digitally and securely.
Charlotte Hogg, CEO of Visa Europe, said: “As the boundaries between commerce, financial services and payments continue to converge and digital tools are driving the development of a new economy, the combination of Visa and Tink will support more choice and better digital currencies Serve.”
Jack Forestell, chief product officer at Visa, added: “Openness and innovation are two critical factors driving future growth in digital financial services. Visa’s proven infrastructure and continued investments in resilience, cybersecurity and fraud prevention are in line with Tink’s The combination of APIs, technology and customer relationships helps to accelerate the adoption of open banking globally by providing a secure, reliable platform for innovation.”
Daniel Kjellén, co-founder and CEO of Tink, said: “The global network allows innovators to scale, and Visa provides a solid foundation for Tink’s growth. Visa will help Tink strengthen its connections with more than 15,000 financial institutions, allowing Tink to leverage Visa’s consumer trust and brand recognition to develop the financial services of the future. Together, the two companies will provide these services to customers in Europe and globally.”
In the near term, Tink will operate as an independent subsidiary of Visa. Tink co-founder and CEO Daniel Kjellén and the existing management team will continue to lead Tink.
