LONDON — Visa agreed Thursday to acquire Swedish financial technology start-up Tink for 1.8 billion euros ($2.1 billion), in a deal aimed at bolster

Visa to buy Swedish fintech Tink for $2.1 billion after abandoning Plaid takeover

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2021-06-24 08:30:04

LONDON — Visa agreed Thursday to acquire Swedish financial technology start-up Tink for 1.8 billion euros ($2.1 billion), in a deal aimed at bolstering the payment giant's digital ambitions.

The deal comes after Visa's bid to buy Plaid, an American rival to Tink, was torpedoed by U.S. regulators. Plaid has since opted to go it alone as an independent company, and was last privately valued by investors at $13.4 billion.

Both Plaid and Tink operate in a nascent space known as opening banking, which calls on lenders to provide third-party firms with access to coveted consumer banking data, provided they've got consent. The space has flourished in Britain and the EU thanks to new regulation.

"Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe's open banking goals," Al Kelly, Visa's CEO, said in a statement.

"By bringing together Visa's network of networks and Tink's open banking capabilities we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure."