Mastercard is accelerating its open banking strategy through the $825m acquisition of real-time financial data aggregation service Finicity. Salt Lake City-based Finicity works with thousands of banks and fintechs, using APIs to help smooth the exchange of customer data.
"With the addition of Finicity, we expect to not only advance our open banking strategy, but enhance how we support and accelerate today’s digital economy across several markets," says Miebach. As part of the acquisition, expected to close by the end of the year, Finicity’s existing shareholders have the potential for an earn-out of up to an additional $160 million, if performance targets are met. Related Companies MasterCard Finicity Lead Channel Retail banking Channels Payments Keywords Mergers and acquisitions Mobile & online banking Open APIs OPEN BANKING Editorial | what does this mean? This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.