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.
