Open banking platform Tink has acquired Spanish account aggregation provider Eurobits Technologies for €15.5m as part of its European expansion.

The acquisition comes after Tink secured a €90m investment in January. Following the acquisition, Tink will cover 17 markets, predominantly in Europe and Latin America.

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Daniel Kjellén, Tink CEO and co-founder, said: “We are extremely impressed by the Eurobits team, what they have built and their very strong position in Southern Europe. This acquisition is part of our ongoing investment into our pan-European open banking platform.

“Not only does it strengthen our platform through increased connectivity, it also gives existing Eurobits customers access to our payment initiation and data services. We look forward to coming together with Eurobits. Our partnership will enhance the connectivity and open banking technology for Europe’s banks, fintechs and startups.”

The acquisition is conditional upon approval from the national competent authorities.

Eurobits: live in 11 markets

To date, Eurobits is live in 11 markets and handles over 50m account aggregation requests a month.

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Arturo Gonzalez Mac Dowell, Eurobits CEO, said: “Tink is undoubtedly one of the most innovative companies within open banking. Joining forces with them to help expand their coverage across Europe and Latin America is a unique opportunity, not only for both of our businesses, but for the broader industry as a whole. We cannot wait to join forces with Tink to create an even stronger European market leader in open banking.”

Furthermore, Eurobits has served a number of banks and fintechs including BBVA, Santander, Sabadell and Fintonic.

Ana Climente Alarcón, Head of Open Banking, BBVA Spain, added: “Open banking is transforming finance. It is increasing financial inclusion, and helping our clients have a bird’s eye view of every aspect of their financial lives in one place.

“Tink and Eurobits joining forces is a significant moment in the industry. By coming together, the two leaders will make open banking more accessible to everyone.”