Tink AB acquired a German competitor, FinTecSystems GmbH.

Tink, a Stockholm, Sweden-based operator of an open banking platform, announced the acquisition of a German competitor, FinTecSystems GmbH, a Berlin-based developer of open banking infrastructure fintech.

Financial details were not disclosed.

Following the acquisition, FinTecSystems will continue to serve new and existing customers in the DACH region, as part of Tink. The deal will strengthen FinTecSystems market position, with Tink further fuelling the company’s high growth and open banking capabilities in the DACH region.

FinTecSystems, founded in 2014 by CEO Stefan Krautkrämer, developed an open banking platform specialising in account aggregation, data analytics and open banking payments. The company claims connectivity to more than 99% of banks in the DACH region, alongside leading value-added data services, as it delivers account information in a way that enables companies to make better, data-driven and automated decisions. FinTecSystems serves more than 150 banks and fintechs in the DACH region, supported by 67 employees operating out of four offices in Germany.

FinTecSystems was backed by VC investors, including Ventech, Heilemann Ventures and Reimann's family office.

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 raised $120 million in 2020 alone, in two tranches - 1, 2 - and used the funds to close two acquisitions - Instantor from Stockholm and OpenWrks' aggregation platform from the UK. Investors include PayPal, ABN Amro, Nordea, Eurazeo and Insight Partners.

Tink is part of the new wave of unicorn wannabes emerging from the new fintech startups from the Nordics.