Tink, a Sweden-based fintech that provides APIs to create next-generation banking services, announced on Wednesday it has officially completed its acquisition of Eurobits, which is a provider of account aggregation services working with various banks and fintechs. The acquisition was originally announced in March 2020 and just received regulatory approval by the Spanish national central bank, Banco de España. Tink purchased Eurobits for €15.5 million
As previously reported, Eurobits’ acquisition 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. At the time of the acquisition’s announcement, Daniel Kjellén, Co-Founder and CEO of Tink, stated
“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.”
Arturo Gonzalez Mac Dowell, CEO of Eurobits, also commented:
“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.”
Tink reported that following the completion of the acquisition it will increase its bank and financial institution connectivity, predominantly in Europe and in Latin America. As a result of this plan, Tink’s new and existing customers will benefit from broader account coverage and wider access to financial data. Tink further revealed the acquisition also brings international fintech and banking customers, including BBVA, Santander, Bankia, Sabadell, Fintonic, National Bank of Greece, and La Banque Postale of France to Tink.
Tink added that Eurobits Technologies, S.L. will continue to function as an independent, regulated company in Spain.