Tink, the Sweden-based open0banking platform, has acquired Madrid-based Eurobits Technologies for 15.5 million euros ($17 million). Eurobits provides account aggregation services to about 50 banks and financial institutions, including BBVA, Santander, Sabadell and Fintonic.
The acquisition builds upon a prior 90 million euro investment by Tink announced in January. Eurobits is live with customers in 11 markets and handles more than 50 million account aggregation requests per month.
“We are extremely impressed by the Eurobits team, what they have built and their very strong position in southern Europe,” Daniel Kjellen, CEO of Tink, said in a company release. “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.”
Besides Eurobits presence in Europe, the company also operates in several Latin American markets, including Mexico, Chile, Columbia, Argentina and Peru.