Visa to buy Tink for $2.15B after backing Blockchain Fund with PayPal

Visa to buy Tink for $2.15B after backing Blockchain Fund with PayPal

Visa, the multinational financial services corporation, has reportedly agreed to buy Tink for €1.8 billion ($2.15 billion), all inclusive of cash as well as retention incentives.

Tink is a European open banking platform that provides services to financial institutions, fintech companies, and retailers. Through its single API, customers can use intelligent financial services like risk insights & account verification, access aggregated financial data, and also create personal finance management solutions.

According to reports, after the acquisition, Tink will continue with its brand name and current management staff. The enterprise is connected with over 3,400 banks and financial institutions, serving millions of bank clients all over Europe.

Visa is purchasing Tink in order to merge the strengths of both companies and promote open banking acceptance in Europe by providing a safe and trustworthy platform for innovation.

As a result, consumers will be able to control their financial experiences in a better way and companies will have access to a tailored set of tools to execute the operations securely and digitally.

Chairman and CEO of Visa, Al Kelly stated that Visa is dedicated to doing everything it can to encourage innovation and empower customers in support of the open banking goals of Europe. By integrating Visa's network of networks with the open banking capabilities of Tink, the company will be able to provide greater benefit to European consumers and companies by offering tools and solutions to make the financial aspect of their lives secure, easier, and trustworthy.

After joining Visa, Tink will be capable of moving quickly and reaching farther than ever before. Visa is the ideal partner for Tink's next chapter, and the company is really enthusiastic regarding the implications for its employees, customers, and the financial services industry's future.

This week can be labeled as a busy and wonderful one for Visa, which this Tuesday supported the $300 million fund, Fund V, Blockchain Capital.

Source credit: https://financefeeds.com/visa-enters-2-15bn-deal-with-tink-after-backing-300m-blockchain-fund-with-paypal/