Open Banking Platform Tink Acquires German Rival FinTecSystems
Automobiles in Stockholm, Sweden.
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Swedish open-banking platform Tink AB acquired a German rival, FinTecSystems GmbH, to expand in Europe.
The deal, carried out for an undisclosed sum, builds on the 175 million-euro ($213 million) investment Tink secured through two funding rounds in 2020, it said in a statement on Tuesday. It’s a “big leap for Tink” into the German, Austrian and Swiss markets, said Daniel Kjellen, co-founder and chief executive officer at Tink.