Visa to Aquire Fintech Startup Tink

Visa is acquiring a digital cryptocurrency startup. Tink is a payment processing startup based in San Francisco. It says it’s the only global bitcoin company to have bought or sold bitcoin for other banks. It also acts as a payment processor for other firms, including Shopify, Instacart, PayPal, and Stripe.

Register now on Binance, add 50$ and get 100$ bonus voucher!

Back in December Visa Europe put out a request for a technical advisor to help them with a venture capital firm in the UK. They’ve since started to make some moves towards this goal.

Visa is acquiring a digital payment company called Tink in a bid to expand its digital wallet business. Tink allows users to buy and sell digital currencies, and the company also offers debit cards that can be loaded with digital money. The deal is valued at $30 million, according to a person familiar with the matter. Visa is acquiring the company to expand its digital payments business that includes its Visa Checkout and Visa-branded credit cards.

Visa today announced the acquisition of Swedish open banking fintech Tink for more than $2 billion. The news comes several months after Visa scrapped plans to acquire Plaid for $5.3 billion due to legal hurdles in the United States. Tink and Plaid are active in the field of open banking, which refers to financial technology companies that develop third-party services to interact with various banking functions using customer data provided by financial institutions. This transaction is in line with the consolidation trend observed in the payments sector in recent years.

Visa is seeking to diversify

Thanks to its open banking platform, Tink reaches more than 250 million customers of 3,400 banks in Europe. Its clients include financial institutions such as PayPal, BNP Paribas, American Express and Lydia. Since its inception over 10 years ago, Tink’s unified API has been developed to enable financial institution customers to access financial data, initiate payments, enrich transactions, verify account ownership, and create personal financial management tools. With the permission of financial institutions, open-banking companies like Tink will have access to customer data to integrate their service offerings with financial institutions. This integration makes it easier for customers to make financial decisions, as all information is displayed in one window. Given Visa’s brand recognition and global reach, the acquisition of Tink is a sign that Visa continues to innovate and look for new ways to diversify its business in the financial sector. Al Kelly, CEO of Visa, said that by combining Visa’s network with Tink’s open banking capabilities, we will provide European consumers and businesses with tools that will make their financial lives easier, more reliable and more secure. The transaction is still subject to regulatory approval. Visa has stated that the transaction will be funded entirely by cash. Despite this announcement, it is possible that similar obstacles will stand in the way of Plaid’s acquisition, as was the case with the company itself.

European regulatory framework

Tink is one of the many fintech giants that have sprung up in Sweden. Klarna, a buy-now-pay-now fintech company, was valued at $46 billion in its latest round earlier this month, and payments company iZettle was acquired by PayPal for $2.2 billion a few years ago. One of the reasons for the success of Swedish and European fintech companies could be the favourable regulatory environment. In 2018, the European Union began implementing the Payment Service Providers Directive (PSD2). PSD2, which has been in the works since 2007, requires banks to give third-party payment service providers like Tink access to customer data. Although data protection is controversial, the European Union has decided that data should be shared to improve innovation and competitiveness in the sector. In total, there are now more than 440 companies in the open banking sector in Europe that use data exchange to offer customers a wide range of financial services.Visa has announced plans to acquire startup Tink, which was founded by former PayPal software engineer Mark Rampolla, to bolster its efforts in the growing fintech industry.. Read more about tink funding and let us know what you think.

Related Tags:

tink open bankingplaid fintechtink careersis visa a fintech companytink fundingtink competitors,People also search for,Privacy settings,How Search works,tink open banking,plaid fintech,tink careers,is visa a fintech company,tink funding,tink competitors,tink investment,tink stock

Register now on Binance, add 50$ and get 100$ bonus voucher!

Recent Articles

Tonga accepts Bitcoin donations amid tsunami onslaught

A small island of Tonga has been hit by a tsunami, and the country is calling for donations in Bitcoin. The nation’s Prime Minister...

How to Buy Solana (SOL) in India

It is important to know how you can buy SOL in India. It’s no secret that the Indian market has only recently begun to...

How to Buy Flow (FLOW) in India

Flow is a cryptocurrency that was introduced in June 2018. It uses the Ethereum blockchain platform, but has its own built-in digital currency called...

Moonbeam Goes Live on Polkadot, Becomes its First Fully Operational Parachain

Moonbeam, the world’s first fully operational on chain scaling solution was released into the wild this week. The Polkadot-powered platform aims to provide scalability...

Stacks ecosystem becomes #1 Web3 project on Bitcoin

The Ethereum blockchain, which powers the Stacks ecosystem’s token STX, has become the most important web3 project on Bitcoin. The announcement is a sign...

Related Stories