Open banking platform Tink has acquired Germany-based FinTecSystems as part of its European expansion.
FinTecSystems specialises in open banking, powering over 150 banks and fintechs in Germany, Austria and Switzerland. It specifically focuses on data analytics, digital account checks, account aggregation and open banking payments.
In addition, the fintech’s customers include N26, DKB, Santander, SolarisBank and Check24.
Through the acquisition, Tink aims to fuel FinTecSystems high growth and open banking capabilities in the DACH region.
Daniel Klellén, Tink co-founder and CEO, said: “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.
“We have followed FinTecSystems for many years and are impressed by what they have achieved. Through this acquisitiom, we are taking a big step in the DACH region, and we look forward to supporting the FinTecSystems’ team to further accelerate their growth.”
Strengthen DACH operations
Following the acquisition, FinTecSystems will continue to serve new and existing customers in the DACH region, as part of Tink.
Stefan Krautkrämer, co-founder and managing director of FinTecSystems, said: “We are proud to have built the leading open banking platform in DACH, serving some of the biggest and most innovative financial institutions and fintechs in the region.
“By joining forces with Tink, there is a unique opportunity to further strengthen FinTecSystems’ position as the open banking leader in the region, and better support our clients to expand across Europe.”
This comes after Tink has been making moves as part of its wider expansion strategy. Earlier this month, American Express tapped open the open banking platform to improve the onboarding process for its card members.
As well as, Tink forged a partnership with paytech Tribe to expand its services. The move enables Tink’s UK customers to access traditional payment methods alongside open banking payments.
The fintech also serves a number of other financial institutions, including PayPal, NatWest, ABN AMRO, and BNP Paribas.