One of the largest company sales of its kind in Germany is wrapped up: The Swedish company Tink takes over Fintecsystems.
As announced by Tink, the antitrust authorities have approved the takeover.
The German financial technology provider Fintecsystems sees itself as a platform that wants to mediate between consumers and lenders.
In concrete terms, Fintecsystems, according to its own statements, provides the account data important for the bank with the consent of the respective user.
The company is based in Munich, but most of the 78 employees work near Giessen.
Thorsten Winter
Business editor and internet coordinator in the Rhein-Main-Zeitung.
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Tink and Fintecsystems are both open banking providers.
Open banking is about making customer data available to lenders.
Fintecsystems has around 150 customers, including the online bank N26, DKB, Santander, Solarisbank and Check24.
“We connect websites to the customer's account,” Dirk Rudolf, one of the founders, explained the concept to the FAZ.
The fintech has held a license from the financial services regulator Bafin since 2019.
It has since been officially allowed to offer "account information and payment initiating services".
Previously, the service was not regulated.
According to Tink, Fintecsystems will continue to operate as an independent company within the Swedish group and will be subject to German regulation.
The Swedes praise the expertise of the Germans as "unrivaled".
Your group will grow to 600 employees as a result of the takeover.
Tink is silent about the purchase price.
But soon after the upcoming takeover was announced, the industry service finanz-szene.de reported last year that the purchase price was around 120 million euros.
With a view to German fintechs founded in 2010, this is the second largest deal of this type since the sale of Finanzcheck.