VISA to buy Tink for $2.1 billion
Tink is walking away with $2.1 billion after a buy-out from VISA.
Tink is a Stockholm-based fintech startup company that was founded in 2012 by Daniel Kjellén and Fredrik Hedberg. The company exists in an open banking-centered sphere that enables lenders to give third-party organizations access to the data of banking customers based on consent.
American financial services company, VISA, is purchasing Tink for $2.1 billion. The sole aim of this buy-out for VISA is to aid the achievement of its own open banking goals seeing as Tink’s advanced technology connects it to over 3,400 banks that have a reach of 250 million bank customers within Europe.
Tink’s net value is pegged at 680 million euros, having raised more than $300 million from its investors that include Paypal, ABN AMRO, and SEB.
VISA stated that Tink will retain its branding, management team, and headquarter office in Stockholm despite the buyout.
