Visa has actually revealed strategies to acquire Tink for EUR1.8 billion, or $2.15 billion at today’s exchange rate. Tink has been a leading fintech start-up in Europe focused on open banking application shows user interface (API).

Today’s move comes a few months after Visa abandoned its acquisition of Plaid, another popular open banking start-up. Originally, Visa prepared to invest $5.3 billion to obtain the American startup. The company had to call off the acquisition after running into a regulative wall.

Tink offers a single API so that customers can connect to checking account from their own apps and services. For instance, you can take advantage of Tink’s API to access account statements, start payments, fetch banking info and revitalize this information frequently.

While banks and banks now all have to provide open banking interfaces due to EU’s Payment Services Directive PSD2, there’s no single standard. Tink integrates with 3,400 banks and financial institutions.

App designers can utilize the same API call to engage with savings account across numerous banks. As you may have thought, it considerably streamlines the adoption of open banking functions.

300 banks and fintech startups use Tink’s API to gain access to third-party bank info– clients consist of PayPal, BNP Paribas, American Express and Lydia. In general, Tink covers 250 million bank consumers across Europe.

Based in Stockholm, Sweden, Tink operations must continue as normal after the acquisition. Visa plans to maintain the brand name and management team.

According to Crunchbase information, Tink has raised over $300 million from Dawn Capital, Eurazeo, HMI Capital, Insight Partners, PayPal Ventures, Creades, Heartcore Capital and others.

“For the past 10 years we have worked relentlessly to construct Tink into a leading open banking platform in Europe, and we are incredibly proud of what the whole team at Tink has actually developed together,” Tink co-founder and CEO Daniel Kjell√©n stated in a declaration. “We have actually constructed something amazing and at the exact same time we have just scratched the surface.”

“Signing up with Visa, we will have the ability to move faster and reach even more than ever before. Visa is the ideal partner for the next stage of Tink’s journey, and we are extremely delighted about what this will give our employees, consumers and for the future of financial services.”

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.