International payment system Visa is buying Swedish fintech startup Tink for USD 2.1 billion, the organizations have announced in a press release, Bloomchain.ru reports.

The report says that Visa hopes to accelerate adaptation of open banking in Europe through the merger of its own developments with Tink tools.

The startup develops API solutions for financial organizations. With the help of Tink tools, banks and other shareholders access aggregated information on financial operations. Tink tools also help startup clients use amount checking services and create personal finance management tools.



The platform supports many large organizations, including PayPal and Klarna. The press release notes that in total, 3,400 banks and other financial institutions in Europe use Tink’s services.

“Tink will retain its brand and the management. The headquarters of the startup will remain in Stockholm,” said Visa.

The partner of Fintech section is