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.

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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.

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