The acquisition is also part of a strategic partnership where OpenWrks will power its applications across Europe through the Tink platform.
Through the acquisition, Tink will enhance its open banking platform by increasing its bank connectivity in the UK. It also plans to expand into business account data, which will be made available to all Tink customers later this year.
As part of the acquisition, OpenWrks will power its suite of applications through Tink’s platform connectivity and make its MyBudget and data services available to core European markets early in 2021.
“Our strategy at OpenWrks is to focus all our energy on delivering consumer applications and data services built on open banking infrastructure. We believe that Tink’s platform presents the best opportunity for us to achieve our mission of helping ten million people in the UK and globally understand what they can afford to save, invest, borrow and repay,” said Steve Bradford, co-founder and Chief Commercial Officer at OpenWrks.
“Tink and OpenWrks are driven by the same values and we believe that Tink has the most mature platform in the ecosystem today. As part of the wider collaboration, we are delighted that our UK connectivity will become part of their global platform,” added Mitul Sudra, co-founder and CTO at OpenWrks.
OpenWrks was the first platform to be licensed in the UK and is arguably the most complete in coverage as it handles more than a third of the country’s account aggregation volume,” said Rafa Plantier, UK & Ireland country manager. “The UK is a key market for us, and we have grown both our customer base and workforce significantly here since we opened our London office.”