Sweden-headquartered open banking platform Tink has acquired Spain’s Eurobits Technologies, a provider of account aggregation services to more than 50 banks and fintechs, including BBVA, Santander, Sabadell and Fintonic.
The €15.5 million acquisition will strengthen Tink’s bank connectivity coverage and its market position in Southern Europe. After the acquisition, Tink said its open banking platform, which allows customers to access aggregated financial data, initiate payments, enrich transactions and build personal finance management tools, will cover 17 markets.
The acquisition of Eurobits builds on the €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).
The account aggregation services provider, founded in 2004, headquartered in Madrid and a provider of connectivity to bank account information, 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.
Eurobits’s 54 employees will become part of the Tink team. Tink is acquiring Eurobits for €15.5 million. The acquisition is conditional on regulatory approval.
Arturo Gonzalez Mac Dowell, chief executive officer of 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 chief executive officer of 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.”