Swedish Open Banking platform Tink has acquired Eurobits Technologies, a Madrid-based provider of account aggregation technology, for EUR15.5 million.
Founded in 2004, the Eurobits platform handles more than 50 million transactions every month across Europe and Latin America for over over 50 banks and fintechs such as BBVA, Santander, Sabadell and Fintonic.
The acquisition builds on a €90 million investment secured by Tink in January 2020 and will extend its reach to 17 markets, predominantly in Europe and Latin America.
Eurobits’ 54 employees will become part of the Tink team.
Daniel Kjellén, co-founder and CEO, Tink, comments: “Not only does [the acqusition] strengthen our platform through increased connectivity, it also gives existing Eurobits customers access to our payment initiation and data services.”
Eurobits client BBVA welcomed the move. Ana Climente Alarcón, head of Open Banking, BBVA Spain, says: “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.”