Instantor was acquired by Tink

Tink, a Stockholm, Sweden-based company operating an open banking platform, announced that it acquired the local company also based in Stockholm, Instantor, provider of credit decision solutions based on open banking technology.

Financial details of the deal were not disclosed.

Instantor, founded in 2010 and led by CEO Simon Edström, provides banks and fintechs with products to enhance credit decisions by extracting insights from consumer bank transactions to verify income and identify risk behaviours to allow for improved assessments of credit risk. The company supports more than 5 million credit decisions annually and had an annual revenue of SEK 41.4 million ($4.2M) in 2019.

Tink, founded in 2012 by CEO Daniel Kjellén and Fredrik Hedberg, provides a single API to access financial data from more than 2,500 banks across Europe in accordance with the PSD2 directive. The company connects to more than 2,500 banks that reach over 250 million bank customers across Europe, 270 employees serving 14 European markets out of 13 offices.