Visa has completed its acquisition of Open Banking platform, Tink – as the firm continues growth and deeper engagement with the fintech sector.
Tink utilises a single API to enable its customers to move money, access aggregated financial data, and use smart financial services such as risk insights and account verification.
Charlotte Hogg, CEO of Visa Europe, commented on the acquisition: “Digital tools are driving the new economy, and the combination of Visa and Tink will support greater choice and quality of digital money services as the lines between commerce, financial services and payments continue to converge.”
As part of the acquisition, the combination of Visa and Tink is expected to enable clients to deliver benefits for consumers to better control their financial experiences, including managing their money, financial data and financial goals.
Jack Forestell, Chief Product Officer of Visa, added: “Openness and innovation are the two vital elements necessary to fuel the growth of future digital financial services. The combination of Visa’s proven infrastructure and sustained investment in resilience, cybersecurity and fraud prevention with Tink’s APIs, technology and customer relationships will help accelerate the adoption of open banking around the world by providing a secure, reliable platform for innovation.”
In the short-term, Tink will operate as a standalone subsidiary of Visa. Tink CEO and Co-founder Daniel Kjellén and the existing management team will continue to lead the organisation.
“Global networks enable innovators to scale, and Visa provides the best foundation for Tink to build on,” Kjellén remarked. “Visa will help Tink increase its connectivity to more than 15,000 financial institutions, utilising Visa’s consumer trust and brand recognition to develop the future of financial services that we can together offer to clients throughout Europe, and around the globe.”