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Visa Buys Swedish Fintech Tink for More Than $2 Billion
Tink would give Visa a foothold in open banking, which connects consumers to multiple financial institutions
Tink was founded by CEO Daniel Kjellén, wearing blue shirt, and CTO Fredrik Hedberg.PHOTO: CLAUDIO BRESCIANI/ZUMA PRESS
June 24, 2021 5:58 am ET
Visa Inc. agreed to pay more than $2 billion for Tink, a Swedish startup whose digital services connect more than 3,400 banks and financial institutions in Europe.
The largest U.S. card network is buying the financial-technology company to establish itself in Europe’s fast-growing open banking market. Open banking regulation in the European Union and U.K. enables financial companies to access customers and their data at competing institutions, if the customers have granted consent.