Visa Agrees to Buy Open-Banking Platform Tink for $2 Billion (1)

Visa Inc. has agreed to buy Swedish open-banking platform Tink AB as the payment giant looks to expand beyond its card network.

San Francisco-based Visa said it will pay a total of 1.8 billion euros ($2.15 billion) -- including cash and retention incentives -- to acquire the fintech firm, according to a statement Thursday.

Banks and startups use Tink to access consumer financial data. The startup was founded in Stockholm in 2012 and it has about 400 employees, with technology that connects to more than 3,400 banks that reach over 250 million bank customers across Europe.

“This acquisition is a ...