Open Banking Platform Tink Acquires German Rival FinTecSystems
(Bloomberg) -- Swedish open-banking platform Tink AB acquired a German rival, FinTecSystems GmbH, to expand in Europe.
The deal, carried out for an undisclosed sum, builds on the 175 million-euro ($213 million) investment Tink secured through two funding rounds in 2020, it said in a statement on Tuesday. It’s a “big leap for Tink” into the German, Austrian and Swiss markets, said Daniel Kjellen, co-founder and chief executive officer at Tink.
“FinTecSystems complements Tink’s offering very well, specializing in data analytics, digital account checks, account aggregation and open banking payments,” Kjellen said in an emailed response to questions.
With the acquisition, Tink adds 67 employees to its current headcount of about 400. The Stockholm-based company has committed to adding 200 new recruits this year, it said. The deal is contingent on approval by national authorities.
FinTecSystems serves over 150 banks and fintechs, including Deutsche Kreditbank AG, while Tink has more than 300 financial institutions as its customers, including PayPal Holdings Inc., NatWest Group Plc and ABN AMRO Bank NV.
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