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December 24, 2021

Tink completes acquisition of FinTecSystems as part of European expansion 

By Shivam Mishra

Open banking platform Tink has completed the acquisition of German fintech firm FinTecSystems as part of its European expansion.

The acquired firm specialises in offering open banking infrastructure and is said to power more than 150 banks and fintechs in Germany, Austria, and Switzerland.

FinTecSystems specialises in data analytics, digital account checks, account aggregation and open banking payments. It counts N26, DKB, Santander, Solarisbank and Check24 as its customers.

Tink noted that with connectivity to over 99% of banks in the DACH region, FinTecSystems brings “unrivalled” local customer knowledge in payments, e-commerce, banking, and lending.

The acquisition also brings 78 employees to Tink, taking its total employee headcount to almost 600.

As part of Tink, FinTecSystems will continue to operate as an independent entity in Germany.

At the time of the announcement, Tink co-founder and CEO Daniel Kjellén said: “Through this acquisition, we are taking a big step into the DACH region, and we look forward to supporting the FinTecSystems’ team to further accelerate their growth.”

Founded in 2012, Tink counts the likes of PayPal, NatWest, ABN AMRO, BNP Paribas and American Express among its customers.

The Swedish platform connects to more than 3,400 banks, covering over 250 million bank customers across Europe.

Earlier this year, American payments technology giant Visa agreed to buy Tink for $2.15bn as part of its open banking play.

In January 2021, Visa’s bid to merge fintech Plaid failed after the US Department of Justice (DOJ) filed a civil antitrust lawsuit against the $5.3bn merger.

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