Sweden-headquartered open banking platform Tink continues its enlargement throughout Europe with the acquisition of the aggregation platform of OpenWrks, a UK-based supplier of open banking purposes.
The transfer is hoped to strengthen Tink’s connectivity protection and its market place within the UK.
The acquisition can also be a part of a strategic partnership the place OpenWrks will energy its purposes throughout Europe by the Tink platform.
The acquisition brings vital fintech and SME clients, together with Xero, Liberis Finance and Snoop, that following the deal will probably be powered by Tink’s open banking platform.
The partnership is hoped to allow OpenWrks to speed up the expansion of its affordability and knowledge providers enterprise internationally and make its MyBudget and knowledge providers out there to core European markets early in 2021 in response to rising demand.
Rafa Plantier, UK & Eire nation supervisor, Tink, mentioned: “We’re devotees of pioneers. OpenWrks was the primary platform to be licensed within the UK and is arguably essentially the most full in protection because it handles greater than a 3rd of the nation’s account aggregation quantity.
“The UK is a key market for us, and we have grown both our customer base and workforce significantly here since we opened our London office in 2019. The UK is where we see national and global champions of their segments, such as our partners NatWest and PayPal, that put open banking at the centre of their digital strategies.”
Mitul Sudra, co-founder and CTO, OpenWrks, added: “Tink and OpenWrks are pushed by the identical values and we imagine that Tink has essentially the most mature platform within the ecosystem at this time.
“They have a deep understanding of open data, a mature, sophisticated platform and impressive bank coverage that allows us to enter new markets through a turnkey solution. This combination means that Tink is the outstanding partner for us and, as part of the wider collaboration, we are delighted that our UK connectivity will become part of their global platform.”