Open banking platform acquires Spanish account aggregation vendor

Eurobits Technologies, a Madrid-based provider of account aggregation technology, has been acquired by Swedish open banking platform Tink.

Founded in 2004, the Eurobits platform handles more than 50 million transactions every month across Europe and Latin America for over 50 banks and fintechs. Banks including BBVA, Santander, Sabadell and Fintonic are active users of the service.

The EUR15.5 million acquisition builds on a €90 million investment secured by Tink in January 2020 and will extend its reach to 17 markets, predominantly in Europe and Latin America. Eurobits’ ​54 employees will become part of the Tink team.   

“Not only does the acquisition strengthen our platform through increased connectivity, it also gives existing Eurobits customers access to our payment initiation and data services,” added Daniel Kjellén, co-founder and CEO of Tink.

Eurobits client BBVA welcomed the move. ​“Tink and Eurobits joining forces is a significant moment in the industry, with two leaders in the open banking space coming together with a common vision of making open banking more accessible for everyone,” says Ana Climente Alarcón, head of Open Banking at BBVA Spain.