Visa Inc. (NYSE: V) confirmed that it has finalized the acquisition of Tink which is an open banking platform that allows financial institutions, fintech, and merchants to create products and financial services and to transfer money. Earlier, Visa has inked a definitive agreement to acquire Tink. Visa will pay a total of 1.8 billion Euros, including cash and retention incentives, to buy Tink.

The acquisition of Tink by Visa is expected to enable clients to bring significant benefits for customers to better manage their financial experiences, including managing their resources, financial data, and financial goals now that the acquisition is finalized. Whether making payments, balancing bank statements and accounts, or allowing alternative financing, businesses of all sizes will have access to a broader and more tailored set of tools to run digitally and securely.

Furthermore, Tink's customers may transfer funds, view aggregated financial data, and use smart financial services like risk insights and account verification using a single API. Tink works with over 3,400 banks and financial institutions in Europe, serving millions of bank customers. Visa will assist Tink in connecting to over 15,000 financial institutions, leveraging Visa's consumer confidence and brand awareness to establish the future of financial services that it can provide to clients across Europe and around the world.

Additionally, Visa believed that openness and innovation are two critical components for the future growth of digital financial services. Tink's APIs, technology, and customer relationships, together with Visa's established infrastructure and persistent investment in resilience, cybersecurity, and fraud protection, will help speed the deployment of open banking around the globe by establishing a safer, trusted platform for innovation.