Visa (NYSE: V) today announced that it has completed the acquisition of Tink, an open banking platform that enables financial institutions, fintechs and merchants to create financial products and services and move money. Through a single API, Tink enables its customers to make money transfers, access aggregated financial data, and use smart financial services such as risk intelligence and account verification. Tink is integrated with more than 3,400 banks and financial institutions, and concerns several million banking customers in Europe.
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Visa has acquired Tink (Graphic: Business Wire)
Once the transaction is complete, the combination of Visa and Tink is expected to enable customers to deliver substantial benefits to consumers, including greater control over their financial experiences, with the management of their money, financial data and financial goals. . Businesses large and small will also benefit from a broader and more personalized toolset so they can conduct business securely digitally, whether it’s initiating wire transfer procedures , to reconcile bank statements and accounts, or to promote alternative financing.
“Digital tools are driving the new economy, and the combination of Visa and Tink will support greater choice and better quality of digital currency services, as the lines between commerce, financial services and payments continue to blur. converge,” said Charlotte Hogg, CEO of Visa Europe.
And Jack Forestell, Chief Product Officer, Visa, added: “Openness and innovation are the two essential elements to fuel the growth of future digital financial services. The combination of Visa’s proven infrastructure and enduring investment in resilience, cybersecurity and fraud prevention, and Tink’s APIs, technologies and customer relationships, , will help accelerate the adoption of open banking across the world, ensuring a secure and reliable platform that is conducive to innovation.”
“Global networks allow innovators to scale, and Visa provides the best foundation for Tink to build on,” said Daniel Kjellén, CEO and co-founder of Tink. “Visa will help Tink increase its connectivity to more than 15,000 financial institutions, using consumer trust and Visa brand recognition to build the future of financial services, which we can together deliver to our customers across the country. Europe and the whole world. »
In the short term, Tink will operate as a stand-alone subsidiary of Visa. Tink CEO and co-founder Daniel Kjellén and the existing management team will continue to lead the organization.
About Visa Inc.
Visa (NYSE: V) is a global leader in the digital payments industry, facilitating payment transactions between consumers, merchants, financial institutions and government entities, in more than 200 countries and territories. Our mission is to connect the world through the most innovative, flexible, reliable and secure payment network, enabling people, businesses and economies to thrive. We believe that economies that include all people everywhere encourage all people everywhere, and believe that access is fundamental to the future of cash transfers. Learn more at Visa.com.
About Tink
Tink is Europe’s leading open banking platform, enabling banks, fintechs and startups to develop data-powered financial services. Through a single API, Tink enables customers to access aggregated financial data, initiate payments, enrich transactions, verify account ownership, and build personal financial management tools. Tink connects over 3,400 banks serving over 250 million banking customers in Europe. Founded in 2012 in Stockholm, Tink has 500 employees serving more than 300 banks and fintech companies in 18 European markets, from offices in 13 countries. We power the new world of finance. For more information, visit tink.com.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of the future tense and by expressions, such as “expect to” and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make regarding the future success of Tink, the impact of the acquisition on Visa’s growth, and other benefits for Visa, developers, financial institutions and consumers.
By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are neither statements of historical fact nor guarantees of future performance, and (iii) are subject to risks, uncertainties, assumptions and changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from Visa’s forward-looking statements due to a variety of factors, including: changes in the regulatory and competitive landscape, cybersecurity incidents, speed and success of the integration, as well as various other factors, including those discussed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021 and our other filings with the United States Securities and Exchange Commission .
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