Visa to buy Swedish fintech Tink for $2.1 billion after abandoning Plaid takeover

Visa agreed Thursday to acquire Swedish financial technology start-up Tink for 1.8 billion euros ($2.1 billion), in a deal aimed at bolstering the payment giant’s digital ambitions.

The deal comes after Visa’s bid to buy Plaid, an American rival to Tink, was torpedoed by U.S. regulators.

“Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals,” Alfred F. Kelly, Jr., Visa’s CEO, said in a statement.

Founded by Swedish entrepreneurs Daniel Kjellén and Fredrik Hedberg in 2012, Tink initially started out as a financial management app but later pivoted to focus on providing its technology to other businesses instead.

“As we got to know Visa, it became clear that we share a common mission – to connect the financial world and accelerate the growth and adoption of digital financial services,” Tink’s founders said in a blog post Thursday.

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