In the latest development, the Swedish open banking platform Tink has acquired Eurobits for €15.5 million in a bit to continue its expansion across Europe. The acquisition is conditional upon approval from the national competent authorities.
Aims to strengthen bank connectivity coverage!
As per the company claims, the acquisition will strengthen Tink’s bank connectivity coverage and its market position in Southern Europe. For the uninitiated, Eurobits is a provider of account aggregation services. The company aims to transform the way people and businesses interact with financial services.
Live in 11 markets!
The acquisition of Eurobits builds on the €90 million investment secured in January 2020 and will see Tink increase its bank and financial institution connectivity in 17 markets, predominantly in Europe and in Latin America. Notably, Eurobits brings significant international fintech and banking customers, including BBVA, Santander, Bankia, Sabadell, Fintonic, Telefonica, National Bank of Greece, and La Banque Postale (France).
It’s worth mentioning that Eurobits is live with customers in 11 markets, handling more than 50 million account aggregation requests every month. In addition to its European focus, Eurobits also serves customers with account aggregation services in Mexico, Chile, Colombia, Argentina, and Peru. Eurobits’ 54 employees will become part of the Tink team.
Arturo Gonzalez Mac Dowell, CEO, Eurobits, said:
“Tink is undoubtedly one of the most innovative companies in open banking. Joining forces with them to help expand their coverage across Europe and Latin America is a unique opportunity, not only for both of our businesses, but for the broader industry as a whole. We can not wait to join forces with Tink to create an even stronger European market leader in open banking.”
Daniel Kjellén, co-founder and CEO, Tink, continued:
“We are extremely impressed by the Eurobits team, what they have built, and their very strong position in Southern Europe. This acquisition is part of our ongoing investment into our pan-European open banking platform that through this move will be live in 17 markets. Not only does it strengthen our platform through increased connectivity, it also gives existing Eurobits customers access to our payment initiation and data services. We look forward to coming together with Eurobits to enhance the connectivity and open banking technology for Europe’s banks, fintechs, and startups.”
Tink is Europe’s leading open banking platform that enables banks, fintechs, and startups to develop data-driven financial services. Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions, and build personal finance management tools. Tink is currently serving its clients out of local offices in London, Paris, Helsinki, Amsterdam, Warsaw, Madrid, Copenhagen, Milan, Oslo, and Lisbon.
Main image credits: Tink
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