Finicity’s shareholders have the potential for an earn-out of up to $160 million in additional funds
Mastercard has announced the acquisition of open banking company Finicity for $825 million.
Finicity’s technology and teams are expected to strengthen Mastercard’s open banking platform. They would enable a wider choice of financial services, reinforcing the company’s partnerships with financial institutions and fintechs worldwide.
In fact, open banking gives people and businesses more control over their financial data. That’s about determining how third parties can access that data to provide new services or initiate payments on their behalf.
We’ve reported that Revolut has introduced open banking to retail and business clients in Ireland through a partnership with financial API provider TrueLayer.