Tink Acquires Spanish Account Aggregation Provider, Eurobits Technologies

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Open banking platform Tink
continues its expansion across Europe with the acquisition of
Eurobits Technologies (Eurobits)— a leading provider of account
aggregation services, powering over 50 banks and fintechs such as
BBVA, Santander,
Sabadell and Fintonic.

The acquisition will strengthen Tink’s bank connectivity
coverage and its market position in Southern Europe. After the
acquisition, Tink’s open banking platform will cover 17
markets.

The acquisition complements Tink’s organic growth strategy to
enhance its platform, increase connectivity and expand its product
offering. The acquisition of Eurobits builds on the €90 million
investment secured in January 2020 and will see Tink increase its
bank and financial institution connectivity in 17 markets,
predominantly in Europe and in Latin America. Eurobits brings
significant international fintech and banking customers, including
BBVA, Santander, Bankia, Sabadell, Fintonic, Telefonica, National
Bank of Greece and La Banque Postale (France).

Eurobits serves some of the largest fintechs and financial
institutions across Europe, providing connectivity to bank account
information for banks, fintechs and payment providers. The account
aggregation services provider, founded in 2004 and headquartered in
Madrid, is renowned for its strong partnerships with many leading
banks and fintechs in Spain. Eurobits is live with customers in 11
markets, handling more than 50 million account aggregation requests
every month.

In addition to its European focus, Eurobits also serves
customers with account aggregation services in Mexico, Chile,
Colombia, Argentina and Peru.

Eurobits’ 54 employees will become part of the Tink team.

 

Arturo Gonzalez Mac Dowell, CEO, Eurobits,
said
: “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.”

 

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

 

Ana Climente Alarcón, Head of Open Banking, BBVA Spain,
added:
“Open banking is transforming finance –
increasing financial inclusion, and helping our clients have a
bird’s eye view of every aspect of their financial lives in one
place. Tink and Eurobits joining forces is 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 acquires Eurobits for €15.5 million. The acquisition is
conditional upon approval from the national competent
authorities.

Tink’s technology and connectivity already power some of the
world’s leading banks and fintechs, including PayPal, Klarna,
NatWest, ABN AMRO and BNP Paribas. The open banking platform is
also used by more than 5,000 developers. Founded in 2012 and
headquartered in Stockholm, Tink is currently serving its clients
out of local offices in London, Paris, Helsinki, Amsterdam, Warsaw,
Madrid, Copenhagen, Milan, Oslo and Lisbon.

The post
Tink Acquires Spanish Account Aggregation Provider, Eurobits
Technologies
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