Credit card giant Visa said on Thursday it would acquire Swedish fintech company Tink, which helps banks provide smart financial services to their clients, for €1.8 billion.

The Swedish startup started in 2012 when it launched an app allowing Swedish consumers to track their personal finances in one place, by connecting to multiple bank accounts. Over the years the company pivoted to providing business solutions for banks and financial institutions by leveraging financial data, and in 2020 the company scrapped its personal finance app.

Tink “enables financial institutions, fintechs and merchants to build tailored financial management tools, products and services for European consumers and businesses based on their financial data,” Visa said in a statement.

Tink “enables financial institutions, fintechs and merchants to build tailored financial management tools, products and services for European consumers and businesses based on their financial data”- Visa

“By bringing together Visa’s network of networks and Tink’s open banking capabilities we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure,” Visa CEO Al Kelly, was quoted as saying in the statement.

Daniel Kjellen, CEO and Co-founder of Tink, said the deal would allow the company to “move faster and reach further than ever before”.

Tink is already “integrated with more than 3,400 banks and financial institutions,” and “will retain its brand and current management team, and its headquarters will remain in Stockholm, Sweden,” Visa said.

The deal, which Visa said would be funded from “cash on hand,” is subject to regulatory approval.