Visa acquired Tink for €1.8 billion.
Tink, a Stockholm, Sweden-based operator of an open banking platform, announced that it was acquired by the American financial service provider Visa.
The deal was made for €1.8 billion ($2.2bn), inclusive of cash and retention incentives.
Tink will retain its brand and current management team, and its headquarters will remain in Stockholm, Sweden. The transaction is subject to regulatory approvals and other customary closing conditions.
Tink, founded in 2012 by CEO Daniel Kjellén and Fredrik Hedberg, allows its customers to access aggregated financial data, use smart financial services such as risk insights and account verification and build personal finance management tools. Tink is integrated with more than 3,400 banks and financial institutions, reaching millions of bank customers across Europe. It has 400 employees in 13 countries supporting 300 customers from 18 European markets.
Tink previously raised about $300 million and is one of the new wave of unicorn wannabes emerging from the new fintech startups from the Nordics.