Tink continues its European expansion by acquiring leading German open banking tech firm, FinTecSystems.
Open banking fintech platform Tink has acquired FinTecSystems as a part of his European strategy. FinTecSystems is a German open banking infrastructure that powers over 150 banks and fintech in Germany, Austria and Switzerland.
Affirming a presence in the DACH region
FinTecSystems specialises in data analytics, digital account checks, account aggregation and open banking payments, with customers including N26, DKB, Santander, Solarisbank and Check24. FinTecSystems has a strong presence in the DACH region as it is connected to 99% of banks. In addition to this, three in four online credit decisions in Germany involve FinTecSystems, making it a valuable asset to Tink to expand into this region.
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 strengthen further 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 to Krautkrämer’s sentiment: “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.”
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What is Tink?
Tink is a Swedish fintech startup that allows customers to utilise their data for a more comprehensive view of their spending. Founded in Stockholm in 2012 by Daniel Kjellén (CEO) and Fredrik Hedberg (CTO), the bank allows customers to access aggregated financial data through one API. Today Tink connects to more than 3,400 banks that reach over 250 million bank customers across Europe. Tink also powers a number of major fintechs such as Klarna, Paypal, NatWest, ABN AMRO, BNP Paribas Fortis, Nordea and SEB.
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