Mastercard to acquire Finicity for $825 million
By MYBRANDBOOK
Mastercard Inc. has announced that it will buy Finicity worth at $825 million. It helps banks share customer data with other financial firms.
Mastercard, the second largest payments processor also announced that Finicity’s existing shareholders may also get an additional $160 million, if performance targets are met.
By acquiring Finicity, Mastercard will be fortifying its open banking services which allow customers to determine how and where third parties such as fintechs or other banks can access information to initiate payments on their behalf or provide money management services.
Earlier, Finicity has partnered with financial institutions like Wells Fargo & Co, Fidelity Investments, Capital One Financial Corp and JPMorgan Chase.
The deal is expected to close by the end of the year.
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