Tink acquires OpenWrks’ aggregation platform
As partnerships go, we’re really excited about this one. We’re teaming up with OpenWrks – a leading UK provider of open banking applications – in a deal that sees us acquire its aggregation platform and form a strategic partnership. This strengthens our connectivity and coverage significantly in a key market for Tink – and brings UK business account aggregation to our customers.
TL;DR – Quick summary
Tink has acquired OpenWrks’ UK aggregation platform.
Significantly strengthening Tink’s connectivity and coverage in the UK.
Making UK business account aggregation available to Tink’s customers.
The deal also brings fintech and SME customers to Tink, including Xero, Liberis Finance and Snoop.
As part of a strategic partnership, OpenWrks will power its suite of applications on the Tink platform.
OpenWrks is a pioneer of open banking in the UK. It 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. So it’s no surprise that we’ve been big admirers of their business.
The acquisition makes OpenWrks’ aggregation platform part of Tink, significantly increasing our connectivity to banks and financial institutions across the UK. But in addition to the boost in coverage for personal account data, the partnership also opens up access to UK business account data. Available later this year, aggregating UK business account data will enable Tink’s customers to make better informed, data-driven decisions, based on access to real-time, verified and accurate business information.
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.
This is our third acquisition of 2020 – following partnerships with Instantor and Eurobits Technologies. These deals solidify our commitment to offering the widest and deepest open banking coverage, alongside valuable services and user experiences. The acquisition of OpenWrks’ aggregation platform in particular, greatly strengthens our ability to deliver a market-leading open banking platform in the UK.
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