Visa today announced that it had signed an agreement to acquire Tink. Visa says it will pay a total financial consideration of 1.8 billion Euros, including cash and retention incentives, to acquire Tink.
“Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals. By bringing together Visa’s network of networks and Tink’s open banking capabilities we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure.” Al Kelly, CEO and Chairman of Visa.
Tink is a European open banking platform that allows financial institutions, fintechs and merchants to develop tailored financial management tools, products and services for European consumers and businesses based on their financial data.
Founded by Daniel Kjellén and Fredrik Hedberg in 2012, Tink connects to more than 3,400 banks that reach over 250 million bank customers across Europe. Its 400 employees serve more than 300 banks and fintechs in 18 European markets, out of offices in 13 countries.
Speaking on the acquisition, Daniel Kjellén, CEO and Co-founder of Tink said “For the past ten years we have worked relentlessly to build Tink into a leading open banking platform in Europe, and we are incredibly proud of what the whole team at Tink has created together."
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,” he added.
The transaction is subject to regulatory approvals and other customary closing conditions. Visa in January terminated a planned $5.3 billion deal with U.S. data-sharing platform Plaid following a U.S. government lawsuit aimed at blocking the deal on antitrust grounds. However, it seems Visa is getting the deal done this time.
Visa says it 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. The European Open bank will retain its brand and current management team, and its headquarters will remain in Stockholm, Sweden, Visa revealed.
Sweden in focus
GDP: $530.884 billion compared Norway's $403.336 billion in 2019
Population: 10,278,887 compared to Norway's 5,347,896 in 2019
GDP per capita: $51,648 compared to Norway's $75,419 in 2019
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