Finicity

Finicity is the financial technical-company developing the platform for collecting and the analysis of financial data in real time. The startup offers tools for financial management, payments and adoption of credit solutions. The company conducts development and promotion of industry standards and also developed more than 16,000 bank integration. The headquarters of the company is located to Salt Lake City, the State of Utah. Number of staff by the end of June, 2020 is about 500 employees.

History

2020: Mastercard purchased Finicity for $825 million

At the end of June, 2020 Mastercard signed the purchase agreement Finicity for $825 million. Shareholders of Finicity will be able to earn in addition up to $160 million if the company is able to reach the stated target indicators.

MasterCard said that Finicity technologies will allow the company to strengthen the open bank platform and to provide a broad spectrum of financial services. According to Mastercard, open banking allows natural persons and it is better for enterprises to control the financial data. Open banking provides to third-party financial services providers access to the banking, consumer and other financial data obtained from different organizations through the application programming interfaces. MasterCard invests many years means in development of this sphere, and in 2019 presented a complex of open bank solutions in Europe.

Mastercard signed the purchase agreement Finicity for $825 million

The president of MasterCard Europe Mark Barnett considers that open banking should solve a number of problems which prevent a new system to become a popular and convenient service so far.

We calculate that acquisition of Finicity not only will help us to advance open bank strategy, but also will improve means of support of digital economy in several markets — the president of MasterCard Michael Mibakh (Michael Miebach) said.

It is expected that the deal will be closed by the end of 2020.^[1]

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