Swedish FinTech Tink has ramped up its European expansion by acquiring Instantor, the credit decision solutions provider that uses open banking technology.
Following the acquisition, Tink will integrate Instantor’s products and service, which are already used by 150 FinTechs and banks across Europe. The products will now be available to Tink’s own customers.
The acquisition is part of Tink’s strategy to continue to invest in intelligent data-services based on open banking.
“I’m so proud of the team that now will join forces with an industry leader like Tink, and I believe this is a great strategic fit rooted in a shared mission,” said Simon Edström, CEO of Instantor. “This move will help Tink expand their product offering and is a unique opportunity to continue to make significant investment in our portfolio of credit decision solutions. Together with Tink we will create an even stronger European market leader in open banking.”
Daniel Kjellén (pictured), co-founder and CEO, Tink, added, “What Instantor has achieved to date in Europe is impressive. It has deftly proven to be a leading European provider of credit decision solutions based on open banking technology. We are thrilled to be able to offer Instantor’s market leading credit scoring products to all of our customers and now look forward to continuing to invest in product development in that domain.”
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