Visa buys European Tink platform for €1.8bn

Photo: EPA

The international card operator Visa announced it had agreed terms to acquire European open banking platform Tink for a total of 1.8 billion euros, Reuters reported. The deal comes in effect a few months after Visa dumped plans to acquire US rival Plaid. Tink was established in Sweden in 2012 and enables banks and other financial firms to access consumer financial data more easily. It is used by more than 3,400 banks and other institutions, as well as over 250 million customers across Europe.

Visa was forced to scrap a planned $5.3 billion deal with US data-sharing platform Plaid in January, following a US government lawsuit aimed at blocking the deal on antitrust grounds. Visa said the Tink acquisition was yet a subject to regulatory approvals. EU rules on open banking, also adopted by Britain before it left the bloc, require banks to permit access to customer data by registered third party providers to boost competition.

The roll-out of the conditions has provided fertile ground for fintechs, such as Tink, which provide technology to help third parties and banks to access customer data. Visa would preserve Tink's brand and management team, and its headquarters would stay in Stockholm, the company said. The Tink takeover will include cash and retention incentives, Visa said, adding the deal would have no impact on its previously announced stock buyback or dividend policy.

Similar articles

  • J&J booster jab raises effectiveness to 94%

    J&J booster jab raises effectiveness to 94%

    The pharmaceutical conglomerate Johnson and Johnson announced that a second shot of its Covid-19 vaccine given about two months after the first shot increased its effectiveness to 94% in the US against moderate to severe forms of the disease. That compares to only about 70% protection with a single dose, Reuters reported.

    17
  • BMW, Daimler face trials over carbon emissions targets

    BMW, Daimler face trials over carbon emissions targets

    German Daimler and BMW automotive producers found themselves under rapid legal fire over attempts to bring the two companies to court on charges linked to excessive carbon emissions. The heads of a German environmental NGO have sued both BMW and Daimler over their refusal to tighten carbon emissions targets and give up fossil fuel-emitting cars by 2030, Reuters reported. The NGO, Deutsche Umwelthilfe, confirmed that the lawsuits had been filed earlier this week.

    18
  • Boeing eyes large jet orders from European budget carriers

    Boeing eyes large jet orders from European budget carriers

    US Plane maker Boeing announced development plans based on increased demand for new jets on behalf of European low cost airlines. Boeing bets on Europe for the next 20 years, as airlines will have to replace their ageing planes with more fuel-efficient jets, Reuters elaborated. Boeing confirmed that it expected airlines in Europe to order 7,100 new single-aisle planes, mostly used for short haul trips, between 2021 and 2040, with low-cost specialists like Ryanair behind that demand.

    23