San Francisco (dpa-AFX) – Visa (V) said that it agreed to acquire a European open banking platform Tink for 1.8 billion euros, including cash and retention incentives.
Visa said it will fund the transaction from cash on hand and the transaction will have no impact on Visa’s previously announced stock buyback program or dividend policy.
Through a single API, Tink allows its customers to access aggregated financial data, use smart financial services such as risk insights and account verification and build personal finance management tools.
Visa noted that Tink is integrated with more than 3,400 banks and financial institutions, reaching millions of bank customers across Europe. Tink will retain its brand and current management team, and its headquarters will remain in Stockholm, Sweden.