Swedish Open Banking Fintech Tink Acquires Germany based FinTecSystems

Sweden’s Open Banking Fintech Tink has reportedly acquired German equivalent FinTecSystems.

The latest acquisition by Tink should help the firm further expand its business operations across Europe.

FinTecSystems aims to offer advanced data analytics, digital or online account checks, account aggregation and also supports Open Banking payments, with clients such as Check24, DKB, N26, Santander, and Solarisbank.

With connectivity to over 99% of banking institutions in the DACH region, FinTecSystems is responsible for (an average of) 3 in every 4 online credit decisions in Germany.

FinTecSystems was established in 2014, with 67 workers based in four business offices in its home country.

Tink’s latest acquisition aims to build on the €175 million investment the company acquired via two investment rounds last year. At that time, the company had made a commitment to add around 200 additional staff members to its nearly 400 workers that it currently employs.

Tink says it will aim to double its market presence by further expanding its payment initiation tech to several other European nations.

Tink’s other acquisitions include credit decisioning provider Instantor and Eurobits, a Spanish account aggregation services.

Daniel Kjellén, Co-founder and CEO at Tink, stated:

“Germany is a key market for Tink, and we are excited to have acquired an innovative leader with a strong reputation for the quality of its bank connectivity and payments services. Through this acquisition, we are taking a big step into the DACH region, and we look forward to supporting the FinTecSystems’ team to further accelerate their growth.”

The terms of the acquisition deal have not been shared publicly.

Tink, which provides APIs to create next-generation banking services, recently announced that it has entered a European open banking partnership with American Express to improve the onboarding process for new cardmembers.

Earlier this month, Tink teamed up with payments technology provider Tribe. According to Tink, the partnership will enable Tribe to combine its issuer and acquirer services, with payment initiation services (PIS), and account information services (AIS), all powered by Tink.

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