“The days of the walled garden approach to data sitting at a bank, only good for the bank and not so much good for the consumer, are over with the advent of open banking,” Finicity’s Steve Smith said.
Mastercard announced plans to purchase data aggregator Finicity for $825 million last month, a deal that opens the Salt Lake City-based fintech up to the credit card company’s worldwide network, Finicity CEO Steve Smith said.
Finicity launched its first product in 2000 and helps third-party platforms such as Rocket Mortgage connect to users’ financial data.
“We’re pushing solutions into the U.S. market in a way that drives additional consumer empowerment and ultimately more financial inclusion,” Smith told Banking Dive. “Being able to push that outside of the U.S., into a worldwide view and do it as quickly as possible, that’s something that a meaningful relationship with an organization like a Mastercard would bring to the table.”
Source: Banking Dive (2020)