Visa to buy banking technology platform Tink for $2.2 bn

US-based Visa has agreed to buy European open banking platform Tink in a deal valued at 1.8 billion euro or $2.2 billion.
Visa opens technology development center in BangaloreVisa earlier ditched a planned acquisition of the startup’s U.S. rival Plaid.

Founded in 2012, Sweden-based Tink 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 terminate a planned $5.3 billion deal with U.S. data-sharing platform Plaid in January, following a U.S. government lawsuit aimed at blocking the deal on antitrust grounds.

Visa said the Tink deal was subject to regulatory approvals.

European Union rules on open banking, also adopted by Britain before it left the bloc, require banks to allow access to customer data by registered third party providers to boost competition.

The rollout of the rules has provided fertile ground for fintechs, such as Tink, which provide technology to help third parties and banks to access customer data.

Visa would retain Tink’s brand and management team, and its headquarters would stay in Stockholm, the company said.