Categories: B2B Payments

Open Banking Platform Tink Acquires Eurobits

European open banking platform Tink will now have more room to expand with the acquisition of Eurobits, which works in account aggregation technology, according to a press release.

Eurobits, the release states, works with banks and FinTech companies like BBVA, Santander, Sabadell and Fintonic, and the new partnership will give Tink more room to grow in Europe.

Tink received 90 million euros ($100.1 million) in a funding round in January and now hopes to use that to grow in Latin America and other parts of Europe where it isn’t yet established. The company bought Eurobits for 15.5 million euros ($17.2 million). Tink was formed in 2012.

Daniel Kjellén, co-founder and CEO of Tink, said Eurobits’s customers would now also reap the benefits of the company’s payment initiation and data services.

Tink’s services, according to the release, have powered a number of leading banking and fiscal institutions, including PayPal.

Other listed companies that will now be connected with Tink include the National Bank of Greece, France’s La Banque Postale and Telefonica.

Eurobits, founded in 2004 with headquarters in Madrid, works in connectivity and has operated with many banks and institutions in the past. The company has 54 employees, all of whom will now be a part of Tink’s team. The company does business in Mexico, Chile, Colombia, Argentina and Peru.

“Tink is undoubtedly one of the most innovative companies within open banking,” said Eurobits CEO Arturo Gonzalez Mac Dowell. “Joining forces with them to help expand their coverage across Europe and Latin America is a unique opportunity, not only for both of our businesses, but for the broader industry as a whole.”

Ana Climente Alarcón, head of open banking with BBVA Spain, said in the release that open banking is transformative for finance, upping financial inclusion and allowing customers to see everything about their financial status in one easy place. She said the union of Eurobits and Tink would do well to make the form of banking easier for anyone to access from now on.

Get our hottest stories delivered to your inbox.

Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.

——————————

LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

Recent Posts

Google’s Search Engine Option Menu In Europe Gets DOJ Attention

Google’s move to provide a menu in Europe, which began showing up on new tablets as well as smartphones and…

23 mins ago

Brooks Brothers Readies For Bankruptcy

Brooks Brothers is in talks with banks about securing cash for a potential bankruptcy that could come within weeks, as…

31 mins ago

Today In Payments: Amazon’s PayFort To Boost Middle East Startups; Next Economic Stimulus Package Could Hit $1T

In today’s top news, Amazon is looking at buying a stake in India’s Bharti Airtel, and the Trump administration expects…

53 mins ago

China’s JD.com To Sell $4.3B In Hong Kong-Listed Shares

Hong Kong technology company JD.com Inc. plans to sell up to $4.3 billion in shares in what is expected to…

2 hours ago

President Trump Signs PPP Loan Flexibility Legislation

As some firms grapple with meeting pivotal standards for loan forgiveness amid the pandemic, President Donald Trump inked a bill…

2 hours ago

France’s Fund Aims To Rescue Tech Startups From Takeovers

Looking for a way to protect technology companies from becoming prey to foreign buyers, France has created a fund to bail…

3 hours ago