Eurobits Technologies
Electronic invoicing platform for local governments and banks.
| EUR | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | - | 18 % | 19 % | 21 % | 31 % | (8 %) | (22 %) |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | 45 % | 28 % | 27 % | 11 % | 15 % | - | (34 %) |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | 9 % | 1 % | 4 % | (18 %) | (5 %) | (27 %) | (37 %) |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article
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Founded in 2004 by Arturo González MacDowell, Eurobits Technologies carved a niche in the financial technology sector by pioneering account aggregation services in Europe. González MacDowell, who previously founded the online broker Uno-e, brought significant experience from the digital banking landscape, positioning Eurobits to address the burgeoning need for unified financial data access.
The company established itself as a key player in the Open Banking arena, providing Account Information Services (AIS) and Payment Initiation Services (PIS) long before the formal implementation of the PSD2 directive. Eurobits developed a robust platform that enabled financial institutions and fintech companies to access and aggregate bank account data from multiple entities through a single API. This service was critical for clients that included major banks and financial service providers across Europe, who used the technology to offer their customers a consolidated view of their finances, credit scoring, and streamlined payment processes.
Eurobits' business model was primarily B2B, generating revenue by charging its clients for access to its aggregation technology. The platform's strength lay in its wide connectivity, covering hundreds of financial institutions, and its ability to normalize and enrich the raw data obtained from these sources. This provided clients with clean, standardized information ready for use in their own applications and services.
A significant milestone in the company's history occurred in November 2020, when it was acquired by the Swedish open banking leader, Tink. The acquisition was a strategic move by Tink to expand its presence and connectivity in Southern Europe, particularly in Spain and Latin America, where Eurobits had a strong foothold. Following the acquisition, Eurobits' technology and team were integrated into Tink's platform, effectively ceasing to operate as an independent brand but contributing its extensive network and expertise to a larger, global open banking ecosystem. The integration aimed to provide a more comprehensive and powerful open banking platform for all existing and future customers.
Keywords: open banking, account aggregation, financial data, fintech, PSD2, API, payment initiation, B2B, data aggregation, financial technology