Visa (NYSE: V) today announced it has signed a definitive
agreement to acquire Tink, a European open banking platform that
enables financial institutions, fintechs and merchants to build
tailored financial management tools, products and services for
European consumers and businesses based on their financial data.
Visa will pay total financial consideration of 1.8 billion Euros,
inclusive of cash and retention incentives, to acquire Tink.
Through a single API, Tink allows its customers to access
aggregated financial data, use smart financial services such as
risk insights and account verification and build personal finance
management tools. Tink is integrated with more than 3,400 banks and
financial institutions, reaching millions of bank customers across
Europe. Tink will retain its brand and current management team, and
its headquarters will remain in Stockholm, Sweden.
The combination of Visa’s proven infrastructure and sustained
investment in resilience, cybersecurity and fraud prevention with
Tink’s APIs, technology and customer relationships is expected to
help accelerate the adoption of open banking in Europe by ensuring
a secure, reliable platform for innovation. As a result, consumers
can better control their financial experiences, including managing
their money, financial data and financial goals. At the same time,
businesses large and small will have a greater and more customized
range of tools to operate digitally and securely, whether
reconciling bank statements and accounts or enabling alternative
financing.
“Visa is committed to doing all we can to foster innovation and
empower consumers in support of Europe’s open banking goals,” said
Al Kelly, CEO and Chairman of Visa. “By bringing together Visa’s
network of networks and Tink’s open banking capabilities we will
deliver increased value to European consumers and businesses with
tools to make their financial lives more simple, reliable and
secure.”
“For the past ten years we have worked relentlessly to build
Tink into a leading open banking platform in Europe, and we are
incredibly proud of what the whole team at Tink has created
together. We have built something incredible and at the same time
we have only scratched the surface. Joining Visa, we will be able
to move faster and reach further than ever before. Visa is the
perfect partner for the next stage of Tink's journey, and we are
incredibly excited about what this will bring to our employees,
customers and for the future of financial services,” said Daniel
Kjellén, CEO and Co-founder of Tink.
Charlotte Hogg, CEO of Visa Europe, added, “This acquisition is
a sign of our commitment to Europe. In Tink, we have found a strong
partner with whom we can accelerate innovation in open banking for
the benefit of our collective clients and the citizens of the U.K.
and the E.U., while investing in high-skill tech jobs on the
continent.”
European Union law – the revised Payment Services Directive
(PSD2) – mandates that banks enable access to registered
third-party providers on behalf of, and with the consent of, their
customers. As a result, innovators of all kinds, ranging from
financial institutions, fintechs, developers, platform players and
merchants, are increasingly leveraging open banking solutions to
empower consumers with more choice in how and where they share
their financial data. Tink is one of the over 440 third party
providers across Europe that provides open banking services.
The transaction is subject to regulatory approvals and other
customary closing conditions. Visa will fund the transaction from
cash on hand and this transaction will have no impact on Visa’s
previously announced stock buyback program or dividend policy.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network – enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of digital commerce on any device
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit About Visa, visa.com/blog and @VisaNews.
About Tink
Tink is a leading open banking platform in Europe that enables
banks, fintechs and startups to develop data-driven financial
services. Through one API, Tink allows customers to access
aggregated financial data, initiate payments, enrich transactions,
verify account ownership and build personal finance management
tools. Tink connects to more than 3,400 banks that reach over 250
million bank customers across Europe. Founded in 2012 in Stockholm,
Tink’s 400 employees serve more than 300 banks and fintechs in 18
European markets, out of offices in 13 countries. We power the new
world of finance. For more information, visit tink.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are identified by words
such as “will,” “is expected,” and other similar expressions.
Examples of forward-looking statements include, but are not limited
to, statements we make regarding the timing and likelihood of
closing, Tink’s future success, the impact of the acquisition on
Visa’s growth, and the other benefits to Visa, developers,
financial institutions and consumers.
By their nature, forward-looking statements: (i) speak only as
of the date they are made; (ii) are not statements of historical
fact or guarantees of future performance; and (iii) are subject to
risks, uncertainties, assumptions or changes in circumstances that
are difficult to predict or quantify. Therefore, actual results
could differ materially and adversely from Visa’s forward-looking
statements due to a variety of factors, including the timing and
outcome of the regulatory approval process, shifts in the
regulatory and competitive landscape, cybersecurity incidents, the
pace and success of integration, and various other factors,
including those contained in our Annual Report on Form 10-K for the
fiscal year ended September 30, 2020, and our other filings with
the U.S. Securities and Exchange Commission.
You should not place undue reliance on such statements. Except
as required by law, we do not intend to update or revise any
forward-looking statements as a result of new information, future
developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210623006027/en/
Visa Jennifer Scardino Europeanmedia@visa.com
Tink Mattias Lindquist press@tink.com +46 8 509 08
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