Business

Visa to buy Swedish fintech startup Tink

Visa Inc. credit and debit cards will be arranged for photography on Monday, April 22, 2019 in Washington, DC, USA.

Andrew Haller | Bloomberg | Getty Images

London- visa On Thursday, it agreed to buy Swedish financial technology startup Tink for € 1.8 billion ($ 2.1 billion) in a deal aimed at strengthening the digital ambitions of payment giants.

The deal was bid by Visa to buy Tink’s American rival, Plaid. Torpedo fired by U.S. regulators.. Since then, Plaid has been working alone as an independent company. Last personally evaluated by investors For $ 13.4 billion.

Both Plaid and Tink operate in an early space called Open Banking. The space requires third-party companies to provide access to the coveted consumer banking data with the consent of the lender.

In a statement, Visa CEO Al Kelly said, “Visas do everything they can to drive innovation and empower consumers to support Europe’s open banking goals. I promise to do it. “

“By integrating Visa’s network with Tink’s open banking capabilities, we will provide European consumers and businesses with tools to make their financial lives simpler, more reliable and more secure, and add value. “

Founded by Swedish entrepreneurs Daniel Kjellén and Fredrik Hedberg, Tink initially started as a financial management app, but later focused on delivering technology to other businesses.

Tink’s technology allows banks and fintech companies to access bank data and create new financial products. The Stockholm-based company was finally personally worth € 680 million. We have raised over $ 300 million from investors such as PayPal, SEB and ABN AMRO.

Visa’s acquisition of Tink Wave of integration efforts In the large payments industry.the company I tried to buy a plaid Last year, but in the end Abandoned acquisition After the US Department of Justice has appealed to block it for antitrust reasons.

According to Visa, the deal with Tinku is subject to regulatory approvals and other customary contract terms and will be cash-funded and will not affect the company’s share buyback program or dividend policy. It was.

Visa to buy Swedish fintech startup Tink

Source link Visa to buy Swedish fintech startup Tink

Back to top button