Swedish open banking platform Tink continues its expansion across Europe with the acquisition of the aggregation platform of OpenWrks, a UK-based provider of open banking applications.
Through the acquisition, Tink will enhance its open banking platform by increasing its bank connectivity in the UK. In addition to strengthened coverage of personal account data, Tink will expand its UK connectivity into business account data.
The launch of UK business account data will be made available to all Tink customers later this year.
The acquisition brings significant fintech and SME customers — including Xero, Liberis Finance and Snoop — that following the deal will be powered by Tink’s open banking platform.
A strategic partnership
The acquisition is also part of a strategic partnership between Tink and OpenWrks, where OpenWrks will power its suite of applications through Tink’s platform connectivity.
The partnership will enable OpenWrks to accelerate the growth of its affordability and data services business internationally and make its MyBudget and data services available to core European markets early in 2021 in response to growing demand.
UK is a key market
Rafa Plantier, UK & Ireland country manager, Tink, said:
“The UK is a key market for us, and we have grown both our customer base and workforce significantly here since we opened our London office in 2019. The UK is where we see national and global champions of their segments, such as our partners NatWest and PayPal, that put open banking at the centre of their digital strategies.”
OpenWrks’ strategy is to focus all its energy on delivering “market-leading” consumer applications and data services built on open banking infrastructure, according to Steve Bradford, co-founder and CCO of OpenWrks.
“Tink’s platform presents the best opportunity”
“With this in mind, we have been evaluating open banking providers over the past 12 months and we believe that Tink’s platform presents the best opportunity for us to achieve our three year mission of helping ten million people in the UK and globally understand what they can afford to save, invest, borrow and repay,” Bradford said.
Mitul Sudra, co-founder and CTO, OpenWrks, added:
“Tink and OpenWrks have a deep understanding of open data, a mature, sophisticated platform and impressive bank coverage that allows us to enter new markets through a turnkey solution.”