The acquisition of Eurobits is expected to strengthen Tink’s presence in Southern Europe, while increasing its overall coverage to 17 markets

Tink Eurobits

Image: Tink CEO and co-founder Daniel Kjellén. (Credit: Tink)

Swedish open banking platform Tink has agreed to acquire Eurobits Technologies (Eurobits), a Spanish account aggregation service provider for €15.5m.

Founded in 2004, Eurobits is a Madrid-headquartered company, serving more than 50 of the large fintechs and financial institutions across Europe by offering connectivity to bank account information for banks, fintechs and payment providers.

Some of Eurobits’ customers include BBVA, Santander, Bankia, Sabadell, Fintonic, Telefonica, National Bank of Greece and La Banque Postale (France). The company is live with customers across 11 markets and handles over 50 million account aggregation requests per month.

Eurobits also offers services across Latin American markets

Furthermore, Eurobits also offers account aggregation services in Mexico, Chile, Colombia, Argentina and Peru.

Eurobits’ acquisition will strengthen Tink’s bank connectivity coverage and its market position in Southern Europe. With the deal, Tink’s open banking platform will cover 17 markets.

Tink co-founder and CEO Daniel Kjellén said: “We are extremely impressed by the Eurobits team, what they have built and their very strong position in Southern Europe. This acquisition is part of our ongoing investment into our pan-European open banking platform that through this move will be live in 17 markets.

“Not only does it strengthen our platform through increased connectivity, it also gives existing Eurobits customers access to our payment initiation and data services. We look forward to coming together with Eurobits to enhance the connectivity and open banking technology for Europe’s banks, fintechs and startups.”

Following the completion of the deal, the 54 employee-team of Eurobits will become part of Tink.

Eurobits CEO Arturo Gonzalez Mac Dowell said: “Tink is undoubtedly one of the most innovative companies within open banking. Joining forces with them to help expand their coverage across Europe and Latin America is a unique opportunity, not only for both of our businesses, but for the broader industry as a whole.

“We can not wait to join forces with Tink to create an even stronger European market leader in open banking.”

The transaction is subject to approval from competent national authorities.

Founded in 2012 and headquartered in Stockholm, Tink powers some of the world’s major banks and fintechs with its technology and connectivity. The company’s open banking platform is also used by more than 5,000 developers.