Mastercard buying fintech company for $825 m
Wednesday, 06 24 2020, Category: Technology, Country: World
Credit card giant Mastercard announced this morning its plans to acquire Finicity, a provider of real-time financial data aggregation and insights, for $825 million.
As part of the agreement, Finicity’s existing shareholders have the potential for an earnout of up to an additional $160 million, “if performance targets are met,” according to a statement from Mastercard. It did not elaborate on what those performance targets are.
Mastercard says Finicity’s technology will strengthen its own open banking platform. Open banking, it says, gives people and businesses greater control over their financial data. Mastercard President Michael Miebach called open banking a “growing global trend” and said it was “a strategically important space” for the company.