Visa (NYSE:V) has completed the acquisition of Tink, a Swedish open banking platform. The acquisition was announced in June 2021 at a valuation of €1.8 billion. At that time Tink stated that it became clear that they shared a common mission with Visa to “connect the financial world and accelerate the growth and adoption of digital financial services.” In the near term, Tink will operate as a standalone subsidiary of Visa.
Founded in 2012 in Stockholm, Tink serves more than 300 banks and Fintechs in 18 European markets. Tink is integrated with 3400+ banks and financial services across Europe.
The combination of the two firms is predicted to enable clients to deliver benefits for consumers to “better control their financial experiences, including managing their money, financial data and financial goals.”
Daniel Kjellén, CEO and co-founder of Tink, stated:
“Global networks enable innovators to scale, and Visa provides the best foundation for Tink to build on. Visa will help Tink increase its connectivity to more than 15,000 financial institutions, utilizing Visa’s consumer trust and brand recognition to develop the future of financial services, that we can together offer to clients throughout Europe, and around the globe.”
Dawn Capital, a European specialist B2B software investor, and an investor in Tink, noted that this is the second exit of a major Swedish Fintech. PayPal acquired iZettle for $2.2 billion in 2018. Dawn Capital was also an investor in iZettle.
Josh Bell, General Partner at Dawn Capital, shared the following comment with CI regarding the acquisition:
“I’m thrilled to announce the completion of Tink’s sale to Visa , a deal which is testament to the determination, vision, and hard work of the whole Tink team. Its opening banking platform has helped changed the financial industry for the better, leading Tink to become the trusted open banking provider to more than 3,000 top-tier banks, payments giants and fast-scaling fintechs, whilst enabling 250 million banking customers across Europe to gain greater insight and control over their finances. Combined with Visa’s proven infrastructure, we look forward to seeing Tink’s technology continue to go from strength to strength. With Tink and iZettle, Sweden has now produced two of Europe’s largest ever fintech M&A exits, reflecting the world-class innovation, commercial excellence and entrepreneurial talent we have found across the Nordic market. As the only investor in both companies, we are delighted to have supported their successful journeys to new homes within corporations with global reach, validating the relevance of the B2B tech coming out of Europe. We wish Tink continuing success in the next chapter of its journey.”