Visa Acquiring Swedish Open Platform Tink
The largest credit card company in the world, Visa, announced its plan to acquire Tink, a consumer-empowering open banking platform, and APIs, for $2.1 billion. The announcement comes after Visa backed out of a $3.5 billion deal to buy Plaid, a Silicon Valley fin-tech, in the wake of a DOJ antitrust investigation. Tink will retain its brand.
Visa’s motivation behind the new move to acquire the Stockholm-based fin-tech is to foster innovation and empower consumers to support Europe’s open banking goals. The acquisition supports the EU’s new Payment Services Directives (PSD2). Mandating banks facilitate data access to third-party financial management platforms, meeting growing demand worldwide by consumers to control how and where they share their financial data.