By Aisling Finn on Friday 27 March 2020
The acquisition will see Tink now operate in 17 markets across Europe and Latin America.
Swedish Open Banking platform Tink has today announced that it has acquired Spanish account aggregator Eurobits Technologies.
Eurobits, an account aggregator that was founded in 2004, serves some of Europe’s biggest banks, including BBVA and Santander, and processes more than 50m transactions across Europe and Latin America.
Tink recently set its sights on expanding even further after completing it’s biggest round of funding to date, raising €90m to bolster its Open Banking platform.
The acquisition will see Tink expand even further, it currently operates in 13 markets and following the partnership the Open Banking platform will now operate in 17 across Europe and Latin America.
CEO and co-founder of Tink, Daniel Kjellén told AltFi that Tink is yet to see “any tangible impact from the coronavirus.”
“We are on a growth journey with an ambition to continue building, and leading, Open Banking in Europe. This is a perfect match for us because it gives us a stronger product and it means that our platform covers more market,” he added.
Arturo Gonzalez Mac Dowell, CEO of Eurobits, said: “Tink is undoubtedly one of the most innovative companies within open banking.”
“Joining forces with them to help expand their coverage across Europe and Latin America is a unique opportunity, not only for both of our businesses but for the broader industry as a whole.”
Kjellén also noted that he believes the current situation will, if anything, “only increase the pace of movement from closed to open banking” as customers move towards digitalisation and away from traditional forms of banking.
Tink also recently revealed a strategic partnership with BNP Paribas Fortis in Belgium to work with the Italian retail network of BNP Paribas – Banca Nazionale del Lavoro (BNL).
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