Visa (V) - Get Report shares rose on Thursday after the payments company, looking to expand its reach in financial services, said it agreed to buy Tink, a Swedish open banking platform, for 1.8 billion euros ($2.15 billion).
Tink, employing 400, “enables financial institutions, fintechs and merchants to build tailored financial management tools, products and services for European consumers and businesses based on their financial data,” Visa said.
Visa shares recently traded at $236.56, up 0.8%. They have climbed 16% over the past six months.
“Through a single [application programing interface], 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 said.
“Tink is integrated with more than 3,400 banks and financial institutions.”
Tink will keep its name and current management team, and its headquarters will remain in Stockholm. “This acquisition is a sign of our commitment to Europe,” said Charlotte Hogg, chief executive of Visa Europe.
The deal won’t affect Visa’s stock buyback program or dividend policy, it said.
“Through its implementation of Visa B2B Connect and Visa Direct Payouts solutions, Goldman Sachs will help its commercial and corporate banking clients simplify complexities and costs associated with existing systems and inefficient processes,” the companies said.
Also in June, Visa reported payments increases for May compared with pre-pandemic levels.