According to a press release, the European open banking platform Tink will now have more space to grow with the acquisition of Eurobits, which specializes in the account aggregation technology.
The release states that Eurobits works with banks and Fintech companies such as BBVA, Santander, Sabadell, and Fintonic, and the new collaboration will give Tink more scope for development in Europe.
In a funding round in January, Tink obtained 90 million euros (USD 100.1 million) and now hopes to use that to expand in Latin America and other parts of Europe, where it has not expanded yet. The company purchased Eurobits for 15.5 million euros (USD 17.2 million). Tink was established in the year 2012.
Daniel Kjellén, Tink’s co-founder and CEO, said that the customers of Eurobits will also enjoy the benefits of payment activation and data services from the business now.
According to the report, Tink’s services have powered a range of prominent banking and fiscal institutions, including PayPal.
The National Bank of Greece, France’s La Banque Postale, and Telefonica are some of the other listed companies that will now be connected with Tink.
Founded in 2004 with headquarters in Madrid, Eurobits works in networking and has previously worked with several banks and institutions. The firm has 54 employees, all of whom will be a part of Tink’s team now. The company operates in Mexico, Chile, Colombia, Argentina, and Peru.
“Tink is undoubtedly one of the most innovative companies within open banking,” said Eurobits’ CEO Arturo Gonzalez Mac Dowell. “Joining forces with them to help expand their coverage across Europe and Latin America is a unique opportunity, not only for both of our businesses but for the broader industry as a whole,” he added.
Ana Climente Alarcón, Head of Open Banking, BBVA Spain, said in the release that open banking is revolutionary to finance, upping financial inclusion and making it easier for consumers to see more about their financial status. She said that the Eurobits and Tink union is remarkable one and will make it easier for everyone to access the open banking form from now on.