Partnerships / Acquisitions

Tink Seeks Open-Banking Growth With Acquisition Of OpenWrks' Aggregation Platform

Swedish open-banking platform Tink and U.K.-based OpenWrks have entered into a strategic partnership that includes Tink acquiring OpenWrks' aggregation platform for an undisclosed sum.

Tink enables FinTechs to access customers’ financial data. The companies said in a press release that under their new deal, OpenWrks will also power its suite of applications through Tink’s platform across Europe.

The companies said working together "strengthens Tink’s connectivity coverage and solidifies its market-leading position in the U.K.”

Rafa Plantier, Tink's U.K. and Ireland country manager, said the “The U.K. is a key market ... where we see national and global champions of their segments, such as our partners NatWest and PayPal, that put open banking at the center of their digital strategies.”

Steve Bradford, co-founder and CCO of OpenWrks, said Tink's platform "presents the best opportunity for us to achieve our three-year mission of helping 10 million people in the U.K. and globally understand what they can afford to save, invest, borrow and repay.”

Stockholm-based Tink, which was formed in 2012, has been in growth mode all year. The company received $99.5 million in a funding round in January, which was slated to be used for growth in Latin America and other parts of Europe.

Tink also bought Eurobits for 15.5 million euros ($17.2 million) in March, the two companies said in a press release at the time. Tink said the move would provide new opportunities to expand, as Eurobits -- an account-aggregation technology provider -- works with banks and FinTech companies like BBVA, Santander, Sabadell and Fintonic.

And in June, PayPal announced that it had re-upped its stake in Tink with an investment of an undisclosed size that was part of a funding round that raised 90 million euros (about $104 million). PayPal’s first investment in Tink in June 2019 totaled $11.2 million.

(This article has been updated to clarify that Tink only bought OpenWrks' aggregation platform, not the entire company.)

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