After raising a notable €90 million funding early in January this year, the Stockholm based open banking platform Tink has now moved to source new assets. The company has acquired leading UK-based banking applications provider OpenWrks’ aggregation platform. Additionally, Tink has also entered into a strategic partnership where OpenWrks will power its applications across Europe through the Tink platform. Here’s all you need to know.
Acquisition to help Tink enhance offerings and expand connectivity in UK
Tink will further develop its open banking platform with the help of increased bank connectivity in the UK, thanks to the acquisition. Furthermore, the company says it will expand its UK connectivity into business account data. Tink’s UK business account data will be made available for all Tink consumers later this year. Customers of SME such as Xero, Liberis Finance and Snoop will now also get services powered by Tink’s open banking platform.
Rafa Plantier, UK & Ireland country manager, Tink, says, “We are devotees of pioneers. OpenWrks was the first platform to be licensed in the UK and is arguably the most complete in coverage as it handles more than a third of the country’s account aggregation volume. The UK is a key market for us, and we have grown both our customer base and workforce significantly here since we opened our London office in 2019. The UK is where we see national and global champions of their segments, such as our partners NatWest and PayPal, that put open banking at the centre of their digital strategies.”
Strategic partnership for growth
Alongside the acquisition, the two companies, Tink and OpenWrks, have also forged a strategic partnership. Under the deal, Tink’s open banking platform will be used to power OpenWrks’ suite of applications, which is touted to enable OpenWrks accelerate the growth of its affordability and data services business internationally. Additionally, the latter’s MyBudget and data services will also be made available to core European markets early in 2021.
Founded in 2012 in Stockholm, Tink connects to more than 2,500 banks that reach over 250 million bank customers across Europe. It has neatly 270 employees, covering 14 European markets out of 13 offices.
OpenWrks was founded in 2015, in partnership with Blenheim Chalcot – a leading UK-based venture builder. The company is based out of Nottingham and has 50 employees.
Image credits: Tink