European open banking platform Tink has finalized the acquisition of German open banking infrastructure provider, FinTecSystems, following regulatory clearance.
FinTecSystems will now become part of Tink, according to a release.
After the acquisition, the combination of Tink’s pan-European open banking platform and FinTecSystems’ product suite and expertise in the DACH market, should provide domestic and international clients in the area with the most comprehensive solution when partnering for Open Banking tech.
The completed acquisition brings Fintech and banking clients to Tink, including N26, DKB, Santander, Solarisbank and Check24. FinTecSystems’ 78 workers become part of the Tink organization, “with the new DACH management team including René Sauer, Hannes Rogall and Caroline Jenke alongside Tink’s Cyrosch Kalateh,” the update revealed.
Via this completed acquisition, Tink now “increases its total number of employees to almost 600,” the announcement noted.
FinTecSystems will continue to “function as an independent, regulated company in Germany,” the update confirmed.
As covered, Tink is one of Europe’s major open banking platforms that “enables banks, Fintechs, and startups to develop data-driven financial services.”
Via a single API, Tink allows clients to “access aggregated financial data, initiate payments, enrich transactions, verify account ownership and build personal finance management tools.”
Tink connects to 3,400+ banks that reach more than 250 million bank customers across Europe. Established in 2012 in Stockholm, Tink’s 500 workers serve 300+ banks and fintechs in 18 European markets, out of business offices in 13 different countries.
Tink says it’s focused on powering “the new world of finance.”
As reported in September 2021, Serrala, the financial automation and payments software firm, and European Open Banking platform Tink, had formed a partnership for supporting open banking tech services.
Through the partnership, the companies will be supporting billers so they can reach clients via every channel to settle bills and reminders directly via their banking apps – leading to quicker, cheaper, more accurate, and final transactions.
In many jurisdictions, billing, and collections outside of direct debit remains a significant challenge for industries like insurance, utilities, telecommunications, and credit. Banking transactions may be time-consuming for the client and can result in considerable delays and mistakes. More conventional digital payment methods are typically associated with greater transaction fees, greater operational complexity, and the risk of chargebacks.
By bringing together Omnichannel Payment Requests from Serrala with Tink’s Payment Initiation Services (PIS), billers and clients are able to get the best of both worlds. A user-friendly online experience for clients and various benefits for billers: more consumers are able to pay faster, the resulting SEPA Credit Transfers are fairly cheap and will automatically match. Clients will also have the option to schedule a payment at a particular date in the future, thus eliminating many reminders.