Mastercard Completes Acquisition of Finicity

Mastercard (NYSE: MA) announced on Thursday it has officially completed its acquisition of Finicity, a real-time financial data and insights access provider. Mastercard previously revealed it was in talks to acquire Finicity for $825 million, with existing Finicity shareholders having the potential for an earn-out of up to an additional $160 million if the Finicty platform’s performance targets are met – thus placing the deal at just shy of $1 billion.

Founded in 2000, Finicity seeks to enable a financial data-sharing ecosystem that is secure, inclusive and innovative. The company reported that through its real-time financial data aggregation and insights platform, it provides solutions for financial management, payments and credit decisioning. The company has reportedly developed more than 16,000 bank integrations. Mastercard also stated the addition of Finicity’s technology and teams strengthens the Mastercard open banking platform to enable and “safeguard a greater choice of financial services.”

Speaking about the acquisition, Craig Vosburg, President of North America at Mastercard, shared:

“Today is a great milestone as we continue to build out the solutions that deliver on the potential of open banking. We now turn our focus on bringing these two talented teams together. That starts with our shared commitment to consumer-centric data practices to create more value for consumers and businesses from the information in their account and give them more control in how that data is used.”

Mastercard went on to add that with a direct connection to the North American banking, lending and wealth management ecosystem, Finicity adds to its commitment to be a one-stop partner for banks, merchants, fintechs, and governments. Fintech focused investment bank FT Partners managed a prominent Fintech acquisition as FT was the exclusive strategic and financial advisor to Finicity on the sale.

Sponsored Links by DQ Promote



Send this to a friend