Financial services company Visa has just announced it intends to buy Swedish open banking firm Tink for around $2.15 billion, the company has reported through a press release.
Notably, the news comes after Visa failed to complete its acquisition of US-based fintech firm Plaid due to opposition from the country's regulators.
Tink is an open banking firm that allows its customers to connect with more than 3,400 banks and financial institutions in order to access aggregated financial data.
Al Kelly, CEO and president of Visa, said:
"Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals. 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."
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Following the acquisition, Tink will retain its headquarters in Stockholm as well as its brand name and management team.
The acquisition must still be approved by regulators.