Have Tink acquired OpenWrks?
No. OpenWrks has not been acquired by Tink. Tink has acquired the OpenWrks Aggregation Platform only.
What is the relationship between Tink and OpenWrks?
The acquisition of our Aggregation Platform is the first step in a strategic relationship with Tink. As part of the wider process we will be migrating all of our applications to Tinks platform, allowing for a broader and wider European market of aggregation.
What does this mean for OpenWrks Aggregation clients?
Current OpenWrks Aggregation Platform clients will be gradually migrated to Tink’s open banking platform, and thereby benefit from the connectivity and products offered there. We’d like to thank all of our clients for their understanding during the migration, but we’re confident that Tink will give our clients the market-leading service they need to maintain their products. Tink’s platform connects to more than 2,500 European banks, reaching over 250 million banking customers across Europe.
I’m an OpenWrks Application client - what does this mean for me?
Your applications service will not be impacted by the acquisition of our Aggregation Platform. We are entering a strategic partnership with Tink to use their European connectivity within our suite of applications. This means that in the future we will be offering a wider range of available banks, and therefore be able to service a wider market.
I’m an OpenWrks API client - what do I need to do?
We are contacting all of our aggregation clients on an individual basis to talk them through the next steps. If you would like to get in touch with any specific questions or concerns, you can email [email protected] and one of the team will get back to you as soon as possible.
Why is OpenWrks selling now?
We have been evaluating Open Banking providers over the past twelve months. The acquisition of our Aggregation platform is the first step on our strategic plan to continue to build and deliver market leading open finance applications for businesses and their customers.
We’re on a mission to help ten million people get access to the financial support they need in the next three years, and we believe Tink’s platform is the best way to reach that goal.
Tink and OpenWrks are driven by the same values and we believe that they have the most mature platform in the ecosystem today. They have a deep understanding of open data, a mature and sophisticated platform and impressive bank coverage. Tink stood out as an outstanding partner for us and, as part of the wider collaboration.
What will OpenWrks be doing now?
We made the decision to sell our Aggregation Platform so that we can focus our time and resources on developing and enhancing our suite applications.