Visa signs deal to acquire European banking platform Tink for $2.15bn

Payments technology company Visa said on Thursday it had signed a deal to buy European open banking platform Tink for $2.15bn.

Visa said that it would fund the deal from its cash on hand and that the acquisition would have no impact on Visa's previously announced stock buyback programme or dividend policy, it said.

For its part, Tink said in a press release on Thursday that it “was thrilled” to be joining Visa.

“We share a common mission – to connect the financial world and accelerate the growth and adoption of digital financial services. Teaming up with Visa means we’ll now be able to move faster and reach further than ever before, and we know that Visa is the perfect partner for the next stage of our journey.”

The partnership will allow Tink to grow while continuing to operate as an independent brand and build on its existing strengths, the company added.

Tink was already live in 18 markets supporting more than 3,400 financial institutions across Europe. Its headquarters would remain in Stockholm after the deal completed.