Tink, a leading Open Banking platform, has acquired an aggregation platform operated by OpenWrks. Tink is making the move to strengthen its position in the UK while buttressing its European expansion. The acquisition is also part of a strategic partnership where OpenWrks will power its applications across Europe through the Tink platform, according to a note from the company. Specific terms of the deal were not disclosed. OpenWrks is selling only a specific portion of its company and remains committed to offering Open Banking services.
Tink adds that it will expand its UK connectivity into business account data. The launch of UK business account data will be made available to all Tink customers later this year. The acquisition will also bring Fintech and SME customers to the platform – including Xero, Liberis Finance, and Snoop.
The strategic move is expected to help OpenWrks to accelerate the growth of its services to business internationally and make its MyBudget and data services available to core European markets early in 2021 in response to growing demand.
“We are devotees of pioneers. OpenWrks was the first platform to be licensed in the UK and is arguably the most complete in coverage as it handles more than a third of the country’s account aggregation volume. The UK is a key market for us, and we have grown both our customer base and workforce significantly here since we opened our London office in 2019. The UK is where we see national and global champions of their segments, such as our partners NatWest and PayPal, that put open banking at the centre of their digital strategies.”
Steve Bradford, co-founder and CCO, OpenWrks, added that their strategy at OpenWrks is to focus their energy on delivering market-leading consumer applications and data services built on open banking infrastructure.
“With this in mind, we have been evaluating open banking providers over the past 12 months and we believe that Tink’s platform presents the best opportunity for us to achieve our three year mission of helping ten million people in the UK and globally understand what they can afford to save, invest, borrow and repay.”
Tink and OpenWrks are driven by the same values said Mitul Sudra, co-founder and CTO, OpenWrks. They both have a deep understanding of open data.
“This combination means that Tink is the outstanding partner for us and, as part of the wider collaboration, we are delighted that our UK connectivity will become part of their global platform.”