Visa has signed a definitive agreement to acquire European Open Banking platform Tink for €1.8 billion, coming after its deal to buy Plaid for $5.3 billion was called off at the start of 2021.
Tink, which is integrated with more than 3,400 banks and financial institutions across Europe, will retain its brand and current management team, it was confirmed, while its headquarters will remain in Stockholm, Sweden.
Visa said that the combination of its proven infrastructure and investment in cybersecurity and fraud prevention with Tink’s APIs, technology and customer relationships will help to accelerate the adoption of Open Banking in Europe.
Charlotte Hogg, CEO of Visa Europe, called the acquisition a “sign of our commitment to Europe”.
“In Tink, we have found a strong partner with whom we can accelerate innovation in Open Banking for the benefit of our collective clients and the citizens of the UK and the EU, while investing in high-skill tech jobs on the continent,” she said.
Daniel Kjellén, CEO and co-founder of Tink, added: “We have built something incredible and at the same time we have only scratched the surface. 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.”
Visa has agreed to pay a total financial consideration of €1.8 billion, inclusive of cash and retention incentives, for Tink, with the deal subject to regulatory approvals.
However, the US Department of Justice later filed a lawsuit on antitrust concerns and the two companies agreed in January 2021 to call off the deal.