Buy to Visa Swedish Fintech Tink for $2.1 Billion.
After negotiations, the visa on Thursday was made aware and finally agreed to acquire Swedish financial technology start-up Tink for 1.8 billion euros ($2.1 billion). This deal happens after Visa’s bid to buy Plaid, an American rival to Tink, was torpedoed by U.S. regulators. After this, Plaid had decided to go alone as an independent company. This deal was made on Thursday where Visa finally decided to get the financial technology start-up that goes by the name of Tink.
Both Tink and Plaid are similar, and both work on a nascent space known as opening banking. The new regulation had made sure that open banking is now flourishing in Britain and the EU.
“Visa is assigned to doing all we can to foster innovation and enable consumers in support of Europe’s open banking goals,” Al Kelly, Visa’s CEO, announced in a statement “By bringing together Visa’s network of networks and Tink’s open banking capabilities we will give increased value to European consumers and businesses including tools to make their financial lives easier, safe and secure.”
Tink was initially founded by Swedish entrepreneurs Daniel Kjellén and Fredrik Hedberg in 2012. They had this idea in mind for quite some amount of time. Over the years, the business did grow a lot.
“As we got to know Visa, it became clear that we share a common mission Buy to Visa Swedish Fintech Tink for $2.1 Billion – to connect the financial world and stimulate the growth and adoption of digital financial services,” Tink’s founders said in a blog post-Thursday, “Teaming up with Visa means we’ll now be able to move quickly and reach further than always before, and we know that Visa is the excellent partner for the next stage of our journey.”