Sweden-headquartered open banking platform Tink continues its expansion across Europe with the acquisition of the aggregation platform of OpenWrks, a UK-based provider of open banking applications.

The move is hoped to strengthen Tink’s connectivity coverage and its market position in the UK.

The acquisition is also part of a strategic partnership where OpenWrks will power its applications across Europe through the Tink platform.

The acquisition brings significant fintech and SME customers, including Xero, Liberis Finance and Snoop, that following the deal will be powered by Tink’s open banking platform.

The partnership is hoped to enable OpenWrks to accelerate the growth of its affordability and data services business internationally and make its MyBudget and data services available to core European markets early in 2021 in response to growing demand.

Rafa Plantier, UK & Ireland country manager, Tink, said: “We are devotees of pioneers. 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.

“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 in 2019. The UK is where we see national and global champions of their segments, such as our partners NatWest and PayPal, that put open banking at the centre of their digital strategies.”

Mitul Sudra, co-founder and CTO, OpenWrks, added: “Tink and OpenWrks are driven by the same values and we believe that Tink has the most mature platform in the ecosystem today.

“They have a deep understanding of open data, a mature, sophisticated platform and impressive bank coverage that allows us to enter new markets through a turnkey solution. This combination means that Tink is the outstanding partner for us and, as part of the wider collaboration, we are delighted that our UK connectivity will become part of their global platform.”