Swedish open banking platform Tink continues its expansion across Europe with the acquisition of FinTecSystems, a leading German open banking infrastructure fintech, powering over 150 banks and fintechs in Germany, Austria and Switzerland. The acquisition will strengthen FinTecSystems’ already leading market position, with Tink further fuelling the company’s high growth and open banking capabilities in the DACH region.
Founded in 2012 in Stockholm, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions and build personal finance management tools. Tink’s technology and connectivity powers digital services for over 300 world-leading banks and fintechs, including PayPal, NatWest, ABN AMRO, BNP Paribas, Nordea and SEB. Tink’s open banking platform is also used by more than 8,000 developers. Tink already counts more than 400+ employees, reaches over 250 million banking customers across Europe.
Founded in 2014, FinTecSystems specialises in data analytics, digital account checks, account aggregation and open banking payments, with customers including N26, DKB, Santander, Solarisbank and Check24. With connectivity to more than 99% of banks in the DACH region, alongside leading value-added data services, FinTecSystems delivers account information in a way that enables companies to make better, data-driven and automated decisions – with three in every four online credit decisions in Germany involving FinTecSystems. The startup has a team of 67 people, and following the acquisition will continue to serve new and existing customers in the DACH region, as part of Tink.
Stefan Krautkrämer, co-founder and Managing Director of FinTecSystems said: “We are proud to have built the leading open banking platform in DACH, serving some of the biggest and most innovative financial institutions and fintechs in the region. Now we are equally proud that FinTecSystems will become part of Europe’s leading open banking platform. By joining forces with Tink, there is a unique opportunity to further strengthen FinTecSystems’ position as the open banking leader in the region, and better support our clients to expand across Europe.”
Daniel Kjellén, co-founder and CEO, Tink, added: “Germany is a key market for Tink, and we are excited to have acquired an innovative leader with a strong reputation for the quality of its bank connectivity and payments services. We have followed FinTecSystems for many years and are impressed by what they have achieved. 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.”
Tink’s acquisition builds on the €175 million investment it secured through two funding rounds in 2020, and complements Tink’s organic growth strategy to enhance its platform, increase connectivity and expand its product offering across Europe.
In 2021, Tink has committed to adding 200 new recruits to the almost 400 employees it has today, to double Tink’s market presence for payments by expanding its payment initiation technology to 10 European countries.
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Source: https://www.eu-startups.com/2021/05/stockholm-based-tink-acquires-german-open-banking-startup-fintecsystems/
