Visa for australia to acquire open banking program Tink for more than $2 tera-

Visa consists of announced plans selecting Tink for €1. 8 billion, or $2. 15 billion at today, exchange rate. Tink is a leading fintech startup while in Europe focused on open financial application programming interface (API).

Today’s step comes a few months after Visa for australia abandoned its acquisition of Plaid , another popular open banks and loans startup. Originally, Visa booked to spend $5. 3 billion to acquire the American start op. But the company had to telephone call off the acquisition after producing into a regulatory wall .

Tink offers a particular API so that customers in many cases can connect to bank accounts from their unique apps and services. As a case of this point, you can leverage Tink’s API to access account statements, resume payments, fetch banking points and refresh this numbers regularly.

While banks but financial institutions now all can offer their traders open banking interfaces as a result of EU’s Payment Services Savoir PSD2, there’s no single habitual. Tink integrates with five, 400 banks and finance companies.

App agents can use the same API phone to interact with bank accounts all over various financial institutions. As you may buy guessed, it greatly shortens the adoption of unlock banking features.

300 banks and fintech startups use Tink’s API to access third-party bank info — clients include PayPal, BNP Paribas, American Display and Lydia. Overall, Tink covers 250 million bank or investment company customers across Europe.

Based in Stockholm, Sweden, Tink operations should proceed as usual after the acquisition. Visa plans to retain the brand & management team.

According to Crunchbase data , Tink has raised over 300 dollar million from Dawn Máxima, Eurazeo, HMI Capital, Comprehension Partners, PayPal Ventures, Creades, Heartcore Capital and others.

“For the past few years we have worked relentlessly generate Tink into a leading to be offered banking platform in European continent, and we are incredibly proud of what the whole team at Tink has created together, ” Tink co-founder and CEO Daniel Kjellén said in a history. “We have built a product incredible and at the same time we have solitary scratched the surface. ”

“Joining Visa, we will be that could move faster and length further than ever before. Visa could possibly be the perfect partner for the next demeure of Tink’s journey, which are incredibly excited about what they’re going to bring to our employees, targeted visitors and for the future of financial services. ”

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