Tink, an open banking platform, has acquired Swedish credit decision solutions provider Instantor to support its continued expansion across Europe.
The financial details of the transaction have not been made public.
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Under the deal terms, Instantor’s products and services will now become a part of Tink’s portfolio.
Instantor’s offerings are used by more than 150 active clients, including banks and fintechs in 13 European markets.
In addition to Tink’s open banking network, its customers will now have access to Instantor’s credit decision solutions as well.
Founded in 2010, the Stockholm-based Instantor extracts insights from bank transactions to verify income and assess credit risk, thus enhancing credit decisions for financial institutions.
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By GlobalDataThe company supports over five million credit decisions annually and reported €4m in revenue last year.
Instantor CEO Simon Edström said: “This move will help Tink expand their product offering and is a unique opportunity to continue to make significant investment in our portfolio of credit decision solutions.
“Together with Tink we will create an even stronger European market leader in open banking.”
The acquisition is in line with Tink’s strategy to invest in intelligent data-services based on open banking.
Tink co-founder and CEO Daniel Kjellen said: “We are thrilled to be able to offer Instantor’s market leading credit scoring products to all of our customers and now look forward to continuing to invest in product development in that domain.”
