Tink acquires OpenWrks' aggregation platform.

Tink, a Stockholm, Sweden-based open banking platform, announced getting into an acquisition agreement with OpenWrks, a Nottingham, UK-based provider of open banking applications.

The deal, which has financial details undisclosed, was made for acquiring the OpenWrks Aggregation Platform, and is part of a larger strategic relationship with Tink, as the Swedish company intends to expand its UK connectivity into business account data, and OpenWrks will provide access to fintech and SME customers,  including Xero, Liberis Finance and Snoop. Following the deal, they will be served by Tink’s open banking platform.

OpenWrks, led by CEO Olly Betts and founded in 2015 in partnership with Blenheim Chalcot, a UK venture builder, is a provider of open banking applications which help people understand what they can afford to save, invest, borrow and repay. The company is the owner of Tully, a digital debt advisor, has 50 employees and was backed by investors including Blenheim Chalcot and Nesta.

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. It offers products like account aggregation, payment initiation, data enrichment, and personal finance management that can be integrated into existing banking apps or built as standalone apps and services.  The company connects to more than 2,500 banks that reach over 250 million bank customers across Europe. Its 270 employees serve 14 European markets out of 13 offices.

Tink raised about $200M to date.