Tink has acquired Eurobits Technologies, a provider of account aggregation services working with various banks and Fintechs. Current clients are said to include BBVA, Santander, La Banque Postale, and others. The purchase of Eurobits is expected to strengthen Tink’s bank connectivity coverage and buttress its position in Southern Europe. Following the acquisition, Tink will cover 17 different markets. All of Eurobits’ 54 employees will become part of the Tink team.
Tink raised €90 million at the beginning of this year boosting its war chest. Tink paid €15.5 million for the Fintech.
Tink is an Open Banking platform and its technology already powers some of the world’s leading banks and Fintechs, including PayPal, Klarna, NatWest, ABN AMRO and BNP Paribas. The open banking platform is also said to be used by more than 5,000 developers.
Founded in 2012 and headquartered in Stockholm, Tink currently has offices in London, Paris, Helsinki, Amsterdam, Warsaw, Madrid, Copenhagen, Milan, Oslo and Lisbon.
Eurobits was founded in 2004 and is headquartered in Madrid. The company is known for its partnerships with many banks and fintechs in Spain. Eurobits is live with customers in 11 markets, handling more than 50 million account aggregation requests every month. Eurobits also serves customers with account aggregation services in Mexico, Chile, Colombia, Argentina, and Peru.
Arturo Gonzalez Mac Dowell, CEO of Eurobits, commented on the news:
“Tink is undoubtedly one of the most innovative companies within open banking. Joining forces with them to help expand their coverage across Europe and Latin America is a unique opportunity, not only for both of our businesses, but for the broader industry as a whole. We cannot wait to join forces with Tink to create an even stronger European market leader in open banking.”
Daniel Kjellén, co-founder and CEO of Tink, said they are extremely impressed by the Eurobits team, what they have built:
“This acquisition is part of our ongoing investment into our pan-European open banking platform that through this move will be live in 17 markets. Not only does it strengthen our platform through increased connectivity, it also gives existing Eurobits customers access to our payment initiation and data services. We look forward to coming together with Eurobits to enhance the connectivity and open banking technology for Europe’s banks, fintechs and startups.”
Ana Climente Alarcón, Head of Open Banking, BBVA Spain, said that Tink and Eurobits joining forces is a significant moment in the industry, with two leaders in the open banking space coming together with a common vision of making open banking more accessible for everyone.