Tech Lowdown: Visa, Tink, Revolut, Swoop and moreby
This week’s roundup features Visa’s second attempt acquisition with Tink, Revolut’s new point system, and Swoop unsecured loans with BNP Paribas Asset Management.
Visa buys Tink after Plaid deal scrapped
Visa will now acquire European Open Banking platform Tink for €1.8bn, following the cancelled $5.4bn Plaid acquisition after regulators pushed back with concerns over competition.
The US Department of Justice regulators filed an antitrust lawsuit, claiming the deal would reduce competition and “deprive American merchants and consumers of this innovative alternative to Visa and increase entry barriers for future innovators”.
“In Tink, we have found a strong partner with whom we can accelerate innovation in open banking for the benefit of our collective clients and the citizens of the UK and the EU, while investing in high-skill tech jobs on the continent,” commented Visa Europe CEO Charlotte Hogg.
However, Tink’s deal could spark the same concerns for antitrust watchdogs in Europe, according to 11:FS co-founder Simon Taylor. “Is Visa trying to prevent competition through this acquisition with its core payments business? Account to account payments could potentially be lower cost than card payments for consumers and businesses, which in turn means less revenue to Visa.”
Tink will retain its brand and current management team, and headquarters will remain in Stockholm.
Konsolidator has launched Konsolidator Audit – software aimed at providing a streamlined and unified, digital audit. The tools comes with integrations to Xero, QuickBooks, Economics, Business Central and Silverfin and other bookkeeping and accounting software.
- All auditors within the audit firm use the same methodology in the review or preparation of group consolidation.
- After the subsidiaries have been reviewed or audited, a “push on button” will transfer all data to a consolidation tool.
- The consolidation tool prepares the required elimination journals for the consolidation.
- When the consolidation is done and reviewed, a “push on button” will transfer the consolidation to the accounting tool where the group accounts are presented.
- The automated process is the same for all auditors in the same firm.
With single sign-on, auditors have access to all clients in one system with one login. The integration with Silverfin allows trial balance import from Silverfin and export of the consolidated data back to Silverfin.
Revolut launches Points
Revolut is now offering a customer points earning system – Points – for using the Revolut app or card.
Customers earn points for making transactions, sending money to another Revolut customer, referring friends, setting up Vaults, and more. Points are used to enter prize draws taking place in the Revolut app to win up to £10,000, totalling £250,000 over four weeks.
Swoop Funding offers unsecured loans with BNPP AM
Swoop Funding has partnered with BNP Paribas Asset Management (BNPP AM) to offer unsecured loans of up to SMEs.
Funds will range between £500,000 and £5m as the latest addition to Swoop’s financial products. The loans will form part of BNPP AM’s SME alternative financing direct lending activity, which enables SMEs to access long-term unsecured funding in the UK, Netherlands and Germany.
“As a source of funding that is complementary to traditional bank lending, unsecured long-term credit offers borrowers a unique form of financing that is invaluable in supporting the sustainable expansion of their businesses,” said BNPP AM head of SME alternative financing Stéphane Blanchoz.
“Our partnership with Swoop will enable us to further expand our access to UK SMEs and to benefit from Swoop’s valuable experience and expertise in this market.”