Tink strengthens its foothold of southern Europe with new Eurobits Technologies acquisition

March 27, 2020

Swedish open banking platform Tink has acquired Spanish account aggregation company Eurobits Technologies.

The company is a leading provider of account aggregation services, powering over 50 banks and fintechs such as BBVA, Santander, Sabadell and Fintonic.

The deal will enable Tink to strengthen its bank connectivity coverage and its market position in Southern Europe. After the acquisition, Tink’s open banking platform will cover 17 markets. Tink has previously signed a deal with BNP Paribas to help it reach more Italian customers.

Eurobits Technologies also have clients outside Europe. Several of them are active in the emerging Latin American FinTech scene.

“We are extremely impressed by the Eurobits team, what they have built and their very strong position in Southern Europe,” said Daniel Kjellén (pictured), co-founder and CEO of Tink.

“This acquisition is part of our ongoing investment into our pan-European open banking platform that through this move will be live in 17 markets. Not only does it strengthen our platform through increased connectivity, it also gives existing Eurobits customers access to our payment initiation and data services. We look forward to coming together with Eurobits to enhance the connectivity and open banking technology for Europe’s banks, fintechs and startups.”

Arturo Gonzalez Mac Dowell, CEO, Eurobits, added, “Tink is undoubtedly one of the most innovative companies within open banking. Joining forces with them to help expand their coverage across Europe and Latin America is a unique opportunity, not only for both of our businesses, but for the broader industry as a whole. We cannot wait to join forces with Tink to create an even stronger European market leader in open banking.”

Ana Climente Alarcón, head of open banking at BBVA Spain welcomed Tink’s acquisition and said it represented “a significant moment in the industry, with two leaders in the open banking space coming together with a common vision of making open banking more accessible for everyone.”

Tink raised $90m in January.