Visa to buy Swedish fintech Tink for $2.2 billion

A Visa credit card is seen on a computer keyboard in this picture illustration

Visa Inc (V.N) said on Thursday it had agreed a 1.8 billion euro ($2.2 billion) takeover of European open banking platform Tink, months after it ditched a planned acquisition of the startup’s U.S. rival Plaid.

Founded in 2012, Sweden-based Tink enables banks and other financial firms to access consumer financial data more easily. It is used by more than 3,400 banks and other institutions, as well as over 250 million customers across Europe.

Visa was forced to terminate a planned $5.3 billion deal with U.S. data-sharing platform Plaid in January, following a U.S. government lawsuit aimed at blocking the deal on antitrust grounds.

Visa said the Tink deal was subject to regulatory approvals.

European Union rules on open banking, also adopted by Britain before it left the bloc, require banks to allow access to customer data by registered third party providers to boost competition.

The rollout of the rules has provided fertile ground for fintechs, such as Tink, which provide technology to help third parties and banks to access customer data.

Visa would retain Tink’s brand and management team, and its headquarters would stay in Stockholm, the company said.

The Tink takeover included cash and retention incentives, Visa said, adding the deal would have no impact on its previously announced stock buyback or dividend policy.

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