Swedish FinTech Tink has completed its acquisition of the Spanish account aggregation provider Eurobits Technologies.
The €15.5m deal was originally announced in March this year and was presented as a way for Tink to keep strengthening its grip of the European market.
It has since been waiting on regulatory approval by the Spanish national central bank Banco de España, which it has now been given, making Eurobits a part of Tink.
Following the completion of the acquisition Tink will increase its bank and financial institution connectivity, predominantly in Europe and in Latin America. As a result, Tink’s new and existing customers will benefit from broader account coverage and wider access to financial data.
With Eurobits’ 54 employees now part of the organisation, Tink increases its total number of employees to 365.
Eurobits Technologies, S.L. will continue to function as an independent, regulated company in Spain.
“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, when the deal was announced in March.
“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.”
In related news, Tink announced in July that it was also acquiring Instantor, the credit decision solutions provider that uses open banking technology.
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