Tink, the Swedish open banking fintech, has acquired Instantor, a credit decisioning solution provider, for an undisclosed amount.
The deal follows the completion of its €15.5 million acquisition of Madrid-based aggregator Eurobits in May.
Instantor, Tink’s latest acquisition, works with 150 banks and fintech across 13 European markets. It employees a team of 26.
Tink says the acquisition is part of its strategy “to continue to invest in intelligent data-services based on open banking”.
Instantor’s credit decisioning software will sit on top of Tink’s open banking technology.
Founded in 2010, Instantor extracts insights from consumer bank transactions to verify income and identify risk behaviours.
These products help banks and fintech improve their assessments of credit risk.
The start-up, already headquartered in Stockholm like Tink, says it underpins more than five million credit decisions annually.
In 2019, Instantor’s annual revenue reached €4 million and the Financial Times listed it as Sweden’s second fastest growing fintech.
“I believe this is a great strategic fit rooted in a shared mission,” says Instantor’s CEO, Simon Edström.
“Together with Tink we will create an even stronger European market leader in open banking.”
Tink’s growth strategy
In January, Tink laid out an organic growth strategy following its €90 million investment. Part of this strategy is the start-up’s acquisition play.
Co-founder and CEO of Tink, Daniel Kjellén, called the Eurobits acquisition in May “part of our ongoing investment into our pan-European open banking platform”.
Tink connects to more than 2,500 banks, reaching more than 250 million bank customers across Europe.
Read more: Open banking: where you at?
via FinTech Futures – https://bit.ly/3had5CY