Sweden-based Tink has purchased U.K. open banking fintech counterpart Openwrks for an undisclosed amount. Under the acquisition, Openwrks' aggregation platform will be part of Tink's offering, according to a report in Business Insider.

With the acquisition, Tink will strengthen its position in the U.K. and enhance its product offerings. Openwrks handles over one-third of the U.K.'s active user base for account aggregation. Its offerings include providing financial institutions with open banking applications to help users manage their money, repay funds and lending.

This marks Tink's third acquisition in 2020; it already purchased Instantor and Eurobits Technology.