Visa is planning takeover of payment platform Tink
The two companies have already signed a Letter of Intent.
One of the world leaders in digital platforms, Visa Inc (NYSE: V), announced that it has entered into an acquisition agreement with a European open banking platform, Tink. The Europe-based company enables financial institutions and traders to create and use bespoke financial management tools, products and services. Many European consumers and businesses use the platform for their financial data and business needs. For the takeover, the digital platform Visa Inc. is paying its European counterpart Tink 1.8 billion euros, including cash and holding bonuses. On the Tink platform, users can access aggregated financial data via a single programming interface (API) and use intelligent financial services such as risk insights and account verification. The platform also enables its users to create personal financial management tools. Tink is networked with over 3,400 banks and financial institutions across Europe, and millions of customers rely on this open banking platform. Following the acquisition, a source from Tink has confirmed that the company will continue to operate from its current headquarters in Stockholm, Sweden. The source added that the company will not let go of its brand and will retain the current management team.