Tink pays €15.5 million for Spanish-based Eurobits Technologies.

Tink, a Stockholm, Sweden-based developer of an open banking platform, announced the acquisition pf Eurobits Technologies, a Madrid, Spain-based provider of account aggregation services

The deal was made for €15.5 million ($17M) and is conditional upon approval from the national competent authorities.

Tink's rationales is to strengthen its bank connectivity coverage and its market position in Southern Europe. After the acquisition, the company’s open banking platform will cover 17 markets.

Tink, founded in 2012 and led by Daniel Kjellén, operates an open banking platforms that enables banks, fintechs and startups to use data to develop smart, personalised and “delightful” financial services. The company completed a €90 million ($100M) capital investment round announced in January 2020.

Eurobits, founded in 2004 and led by CEO Arturo Gonzalez Mac Dowell, serves some of the largest fintechs and financial institutions across Europe, providing connectivity to bank account information for banks, fintechs and payment providers. It currently is live with customers in 11 markets, handling more than 50 million account aggregation requests every month powering over 50 banks and fintechs such as BBVA, Santander, Bankia, Sabadell, Fintonic, Telefonica, National Bank of Greece and La Banque Postale (France).