Open banking FinTech Tink has acquired German open banking infrastructure business FinTecSystems.
In Brief:
FinTecSystems currently provides infrastructure for over 150 banks and FinTechs in Germany, Austria and Switzerland.
The business specialises in data analytics, digital account checks, account aggregation and open banking payments.
Tink uses technology to power and connect banks and FinTechs like PayPal, NatWest and American Express.
What does this mean?
Both companies already have a track record of connecting banks and FinTechs through open banking technology. For Tink, it has acquired an innovator in Germany which is a strong market for the business already. FinTecSystems, I turn can strengthen its position as a leading open banking provider and can help clients expand across Europe.
