Swedish startup Tink, one of Europe’s leading open banking platforms, has acquired Madrid-based Eurobits, a leading provider of account aggregation services, powering over 50 banks and fintechs such as BBVA, Santander, Sabadell and Fintonic.
The acquisition will strengthen Tink’s bank connectivity coverage, grow its team by 54 people, boost its market position in Southern Europe and Latin America, and will mean it now covers 17 markets.
Tink, founded in 2012, enables banks, fintechs and startups to use data to develop smart, personalised and “delightful” financial services. Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions and build personal finance management tools. Tink connects to more than 2,500 banks and fintechs, including PayPal, Klarna, NatWest, ABN AMRO, BNP Paribas Fortis, Nordea and SEB, overall reaching over 250 million bank customers across Europe. The open banking platform is also used by more than 4,000 developers.
The acquisition complements Tink’s organic growth strategy to enhance its platform, increase connectivity and expand its product offering. The acquisition of Eurobits builds on its €90 million investment secured in January 2020 and will see Tink increase its bank and financial institution connectivity in 17 markets, predominantly in Europe and in Latin America. Eurobits brings significant international fintech and banking customers, including BBVA, Santander, Bankia, Sabadell, Fintonic, Telefonica, National Bank of Greece and La Banque Postale (France).
Eurobits serves some of the largest fintechs and financial institutions across Europe, providing connectivity to bank account information for banks, fintechs and payment providers. The account aggregation services provider, founded in 2004 and headquartered in Madrid, is renowned for its strong partnerships with many leading banks and fintechs in Spain. Eurobits is live with customers in 11 markets, handling more than 50 million account aggregation requests every month. In addition to its European focus, Eurobits also serves customers with account aggregation services in Mexico, Chile, Colombia, Argentina and Peru.
A transaction of €15.5 million, the acquisition is conditional upon approval from the national competent authorities.
Arturo Gonzalez Mac Dowell, CEO, Eurobits, said: “Tink is undoubtedly one of the most innovative companies within open banking. 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. We can not wait to join forces with Tink to create an even stronger European market leader in open banking.”
Daniel Kjellén, co-founder and CEO, Tink, continued: “We are extremely impressed by the Eurobits team, what they have built and their very strong position in Southern Europe. This acquisition is part of our ongoing investment into our pan-European open banking platform that through this move will be live in 17 markets. Not only does it strengthen our platform through increased connectivity, it also gives existing Eurobits customers access to our payment initiation and data services. We look forward to coming together with Eurobits to enhance the connectivity and open banking technology for Europe’s banks, fintechs and startups.”