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6/24, 12:37 PM (Source: TeleTrader)
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Visa acquires fintech Tink for $2.2 billion

Visa Inc. announced on Thursday the company has reached a deal to buy Swedish open banking platform Tink for $2.2 billion.

The deal comes after Visa canceled the $5.3 billion acquisition of California-based financial services company Plaid earlier this year due to being sued by the United States government. However, experts warn this deal could also be subject to antitrust concerns.

The European Union requires banks to allow access to customer data by registered third-party providers in order to ensure fair competition. Tink enables banks to access consumer data more easily, therefore making the deal interesting for the American corporation.

Breaking the News / ND