Payment services firm Visa agreed today to acquire Sweden-based open banking software provider Tink for €1.8bn ($2.1bn), facilitating an exit for corporates Poste Italiane, SEB, PayPal, Nordnet, ABN Amro, BNP Paribas and Nordea.
Tink has built an open banking platform that enables financial services companies to share customer data and build new features such as personal finance management tools. It has integrated its application programming interface with more than 3,400 banks and financial services organisations.
Al Kelly, Visa’s chairman and chief executive, said: “Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals.
“By bringing together Visa’s network of networks and Tink’s open banking capabilities we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure.”
The company has raised $296m of funding to date including $103m in a December 2020 round co-led by Eurazeo Growth and Dawn Capital that included postal service Poste Italiane, digital payment services provider PayPal and financial services firms ABN Amro and BNP Paribas, as well as HMI Capital and Heartcore.
PayPal, ABN Amro and BNP Paribas were represented in the round by respective investment vehicles PayPal Ventures, ABN Amro Ventures and Opera Tech Ventures.
Dawn Capital, HMI Capital and Insight Partners had co-led a $98.1m round for the company in January 2020 featuring Poste Italiane, ABN Amro Ventures, Opera Tech Ventures and Heartcore Capital, following an undisclosed sum from PayPal in June 2019.
Tink had secured $63.4m four months earlier from investors including ABN Amro’s Digital Impact Fund and banking firms SEB and Nordea, the latter through its Nordea Ventures subsidiary, in addition to Insight Partners, Sunstone Capital, Christian Clausen and Nikolay Storonsky.
In 2017, the company picked up $16.4m from SEB, Nordea, ABN Amro, Sunstone, Creades and Nordnet Ventures, the venture capital unit of digital savings and investment bank Nordnet. SEB subsidiary SEB Venture Capital co-led its $10m series B round with Creades in 2016, investing alongside ABN Amro and Sunstone.