SEB - Skandinaviska Enskilda Banken AB
SEB - Skandinaviska Enskilda Banken AB
06/24/2021 | Press release | Distributed by Public on 06/24/2021 02:11
SEB sells its stake in Tink to Visa
Visa, Inc. has signed an agreement to acquire Swedish fintech company Tink. SEB, which is the company's largest and earliest strategic investor, has agreed to sell its stake to Visa.
SEB and Tink initiated a strategic partnership in 2016, when SEB acquired a stake in Tink and signed a licence agreement to use Tink's platform in the development of its mobile app and digital offerings. In 2017 and 2019, SEB increased its investment in Tink. On 24 June 2021, Visa announced it has signed a definitive agreement to acquire Tink and that it will pay a total financial consideration of 1.8 billion euros, inclusive of cash and retention incentives, to acquire Tink. SEB has agreed to sell its stake.
The parties have agreed not to disclose any additional financial details at this point. SEB will provide additional details in its report for the second quarter 2021. The transaction is subject to regulatory approvals and other customary closing conditions.'It has been both fascinating and rewarding to support Tink from a startup with 10-15 employees to a European leader in Open Banking with more than 400 staff active in 18 markets,' says Christoffer Malmer, Head of SEB's innovation studio SEBx. 'The combination of our integrated offering and Tink's functionality is a good example of how established banks such as SEB and fintech companies can create customer benefits together and how we can work strategically with fintechs in our role as an owner as well as a partner and customer.'
Since 2016, SEB supports fintech startups with capital, competence and clients through its SEB Venture Capital unit, which looks for innovative solutions and novel business models which will enhance the financial industry. Its investments are mainly made in companies with a clear strategic fit with SEB, but can also be of purely exploratory and financial character. The current portfolio of SEB Venture Capital includes Cardlay, Capcito, Combient, Combient Mix, Contour, Leasify, Now Interact, Oxceed, PE Accounting, R3 and Thought Machine.
'During the five years we have been an owner in Tink, the company has made a remarkable journey that has benefited SEB as a strategic investor as well as a partner and customer,' says Johan Wolf, Head of SEB Venture Capital.
You can read Visa's press releasehere
For more information about Tink, visit tink.com
SEB and Tink initiated a strategic partnership in 2016, when SEB acquired a stake in Tink and signed a licence agreement to use Tink's platform in the development of its mobile app and digital offerings. In 2017 and 2019, SEB increased its investment in Tink. On 24 June 2021, Visa announced it has signed a definitive agreement to acquire Tink and that it will pay a total financial consideration of 1.8 billion euros, inclusive of cash and retention incentives, to acquire Tink. SEB has agreed to sell its stake.
The parties have agreed not to disclose any additional financial details at this point. SEB will provide additional details in its report for the second quarter 2021. The transaction is subject to regulatory approvals and other customary closing conditions.'It has been both fascinating and rewarding to support Tink from a startup with 10-15 employees to a European leader in Open Banking with more than 400 staff active in 18 markets,' says Christoffer Malmer, Head of SEB's innovation studio SEBx. 'The combination of our integrated offering and Tink's functionality is a good example of how established banks such as SEB and fintech companies can create customer benefits together and how we can work strategically with fintechs in our role as an owner as well as a partner and customer.'
Since 2016, SEB supports fintech startups with capital, competence and clients through its SEB Venture Capital unit, which looks for innovative solutions and novel business models which will enhance the financial industry. Its investments are mainly made in companies with a clear strategic fit with SEB, but can also be of purely exploratory and financial character. The current portfolio of SEB Venture Capital includes Cardlay, Capcito, Combient, Combient Mix, Contour, Leasify, Now Interact, Oxceed, PE Accounting, R3 and Thought Machine.
'During the five years we have been an owner in Tink, the company has made a remarkable journey that has benefited SEB as a strategic investor as well as a partner and customer,' says Johan Wolf, Head of SEB Venture Capital.
You can read Visa's press releasehere
For more information about Tink, visit tink.com