Tink acquires Germany’s FinTecSystems

 

 

 

Tink acquires Germany’s FinTecSystems

News
May 18, 2021 by J.D. Smith
76
Swedish open banking platform Tink has acquired German equivalent FinTecSystems, furthering its expansion across Europe. FinTecSystems specialises in data analytics, digital account checks, account aggregation and open banking payments, with customers including N26, DKB, Santander, Solarisbank and Check24. With connectivity to more than 99% of banks in the DACH region, FinTecSystems is behind three in
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Swedish open banking platform Tink has acquired German equivalent FinTecSystems, furthering its expansion across Europe.

FinTecSystems specialises in data analytics, digital account checks, account aggregation and open banking payments, with customers including N26, DKB, Santander, Solarisbank and Check24. With connectivity to more than 99% of banks in the DACH region, FinTecSystems is behind three in every four online credit decisions in Germany.

The company was founded in 2014, with 67 employees operating out of four offices in its home country.

The acquisition builds on the €175 million investment Tink secured through two funding rounds in 2020. At the time, the firm committed to adding 200 new recruits to the almost 400 employees it has today, and to double its market presence by expanding its payment initiation technology to 10 European countries.

Previous acquisitions by the Swedish vndor include credit decisioning provider Instantor and Spanish account aggregation vendor Eurobits.

Daniel Kjellén, co-founder and CEO, Tink, says: “Germany is a key market for Tink, and we are excited to have acquired an innovative leader with a strong reputation for the quality of its bank connectivity and payments services. Through this acquisition, we are taking a big step into the DACH region, and we look forward to supporting the FinTecSystems’ team to further accelerate their growth.”

Terms of the acquisition were not disclosed.

 

 

 

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