Visa To Buy European Open Banking Platform Tink For $2.15 Billion

Payment Technology company Visa Inc. said on Thursday it had signed a deal to buy European open banking platform Tink and would pay €1.8 billion (US$2.15 billion) for the acquisition.

The total financial consideration of €1.8 billion included cash and retention incentives, the company said. It said Tink would retain its brand and management team, and its headquarters would stay in Stockholm.

Visa would fund the deal from cash in hand and the acquisition would have no impact on Visa’s previously announced stock buy-back programme or dividend policy, it said.

In January, Visa and financial technology company Plaid called off their US$5.3 billion merger agreement following a US government lawsuit aimed at stopping the proposed transaction on antitrust grounds.