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Tink Acquires Eurobits; A Look at Financial Inclusion 3.0

Tink Ties Up with Eurobits Technologies – Stockholm-based open banking platform Tink, announced late last week that it is acquiring Spanish account aggregation services provider – and fellow Finovate alum – Eurobits Technologies for $17 million (€15.5 million). The acquisition will enhance Tink’s position in Southern Europe, extending the firm’s presence to 17 markets around the world.

“We are extremely impressed by the Eurobits team, what they have built and their very strong position in Southern Europe,” Tink co-founder and CEO Daniel Kjellén said. “Not only does it strengthen our platform through increased connectivity, it also gives existing Eurobits customers access to our payment initiation and data services.”

A certified account information and payment initiation services provider (PISP), Eurobits facilitates more than 50 million transactions a month in Europe and Latin America. The company, which demonstrated its account aggregation technology at FinovateEurope 2019, works with some of Europe’s biggest fintech and financial institutions, including BBVA, Santander, and Fintonic. Founded in 2014, Eurobits is headquartered in Madrid, Spain.

“Tink is undoubtedly one of the most innovative companies within open banking,” Eurobits CEO Arturo Gonzalez Mac Dowell said. “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.”

Tink’s most recent Finovate appearance was also at FinovateEurope 2019. Founded in 2012, the company began this year with a major fundraising, picking up $100 million in funding in a round co-led by Dawn Capital, HMI Capital, and Insight Partners. Tink has collaborated with PayPal, Klarna, NatWest, and ABN AMRO. The company’s platform is used by more than 5,000 developers.

No Static at All: The Finovate Podcast Features Tosin Agbabiaka of Octopus Ventures – Be sure to catch the latest episode of the Finovate Podcast with host Greg Palmer. His most recent episode features Octopus Venture’s Tosin Agbabiaka whose presentation on the future of financial inclusion was one of the more captivating addresses at FinovateEurope in Berlin earlier this year.

Here is our weekly look at the latest news from our Finovate alums.

  • Strands to offer its product suite on Oracle’s Banking-as-a-Service platform.
  • Mambu to power the private debt investment platform of Goldbell Financial Services.
  • Lendio facilitates $2+ billion in loans to U.S. small businesses.
  • Fiserv and U.S. Bank ink data sharing agreement.
  • Daon to deliver onboarding and biometric authentication solutions to SE Asia’s TONIK digital bank.
  • Trusona to provide Radiologex with user authentication technology.
  • Canada’s Interior Savings Credit Union to deploy core processing technology from Fiserv.
  • DriveWealth inks partnership with UAE-based wealth management firm, WealthFace.
  • HooYu teams up with Baanx to help the mobile cryptocurrency platform conduct identity verification.
  • Revolut introduces Revolut Junior, a money management app for kids aged seven to 17.
  • Personetics announces strategic partnership with Avaloq.
  • Jumio donates identity verification services, via its automated solution, Jumio Go, to help organizations dealing with the COVID pandemic.
  • SumUp introduces its free mobile payments and invoicing offering for EU merchants.
  • Salt Edge partners with Hungary’s second largest online invoicer, Billingo.
  • Behavioral biometrics-based fraud detection solutions provider SecuredTouch earns Best Product at 2020 Loyalty Security Association Lion’s Den.
  • iGTB teams up with First Abu Dhabi Bank.
  • Green Dot names Dan Henry as CEO.
  • Aire offers three months of free access to its credit information services to help lenders during the coronavirus crisis.
  • Tink acquires Eurobits Technologies, a Spanish account aggregation vendor, for $17 million (€15.5 million).
  • Best of Show winning financial literacy app Zogo teams up with financial coop VolCorp.
  • Minna Technologies and Jscrambler earn finalist spots in the Tech5 Founders Day competition among top European startups.
  • Personetics announces strategic partnership with Avaloq.

Finovate Alumni Features and Profiles

Moven Minds its Business in B2B Pivot – In a transition announced earlier this week, Moven is moving away from the direct to consumer / neobank model to focus on what founder Brett King summed up as “our distributed smart banking and financial wellness capabilities.”

ebankIT and Enterprise Engineering Forge North American Partnership – Finovate Best of Show winner ebankIT is working with fellow Finovate alum Enterprise Engineering (EEI) to launch a new omnichannel banking solution geared toward financial institutions in North America in general, and the U.S. in specific.

Arkose Labs Locks in $22 Million for its Fraud Fighting Technology – In a round led by Microsoft’s venture capital arm, M12, anti-fraud solutions provider – and FinovateSpring Best of Show winner –Arkose Labs has raised $22 million in Series B funding. 

TheWaay, Neo Digital Banking and Serving the Mass Affluent Market – Founded in 2016, TheWaay offers a Lifestyle Banking platform that helps banks and other financial institutions better understand and meet the needs of their customers.

Revolut Arrives in the U.S.A.Revolut, the London-based fintech and alternative bank that reached unicorn status in 2018, has finally made its move to America.

Ripple Explains What’s Holding Back Blockchain Adoption – Last fall, blockchain payments company Ripple, in conjunction with Celent, conducted a survey to better understand payment services providers’ adoption of blockchain-based payments.

Lighter Capital Takes Debt Financing to Canada – The physical border between the U.S. and Canada may be closed, but that’s not stopping tech startup financing provider Lighter Capital. The Seattle-based company announced today it has launched its services in Canada.