Tink has announced a new open banking partnership with the wealth app, Chip.

Tink, which was founded in 2012, is a subsidiary of Visa. The open banking platform provides payments, banking and lending solutions that are present in 20 markets, with 13,000 connections to financial institutions.

Chip was founded in 2017 and is backed by the support of over 30,000 crowd investors. It boasts more than £5bn in assets under management and over 400,000 active customers.

Through the partnership, the Visa solution will provide its payment initiation services (PIS) to Chip customers.

The deal will also see Tink provide secure open banking-powered money transfers for users topping up their account.

Co-founder at Chip, Alex Latham, said: "It’s brilliant to partner with Tink, whose open banking solutions provide a fast and secure option for our users adding money to their savings on the Chip app.

"We’re looking forward to working with the Tink team to promote these payment options, with a few more exciting updates coming soon."

Head of payments at Tink, Ian Morrin, added: "Chip have been on a tremendous growth journey in recent years, and we’re delighted to become part of their success story by bringing more payment options to their user base."

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