After acquiring Instantor and Eurobits earlier this year, Tink notes that this asset purchase and partnership strengthens its connectivity and coverage significantly in a key market for the startup, bringing UK business account aggregation to its customers (later this year).
OpenWrks (which is keen to point out it didn't sell entirely) was the first third party to be authorised and listed in the UK’s 'Open Banking' directory, and now handles more than a third of the UK’s active user base for account aggregation.
More reasoning behind the deal, from Tink's blog post:
"The new acquisition also brings significant fintech and SME customers to Tink, to be powered by our open banking platform – including Xero, Liberis Finance and Snoop.
And in a strategic partnership with OpenWrks, its suite of applications will be powered across Europe through our platform – in response to growing demand."
Tink recently announced that it raised strategic funding from US payment giant PayPal. The startup did not disclose the amount, but it marked the second time PayPal injected money in Tink; back in June 2019, it already invested €10 million through PayPal Ventures.