Mastercard completes acquisition of Finicity
Mastercard Inc (NYSE:MA) today announced it has closed its acquisition of Finicity, a leading North American provider of real-time access to financial data and insights.
Craig Vosburg, president, North America, Mastercard, commented:
“We now turn our focus on bringing these two talented teams together. That starts with our shared commitment to consumer-centric data practices to create more value for consumers and businesses from the information in their account and give them more control in how that data is used.”
With a direct connection to the North American banking, lending and wealth management ecosystem, Finicity adds to Mastercard’s commitment to be a one-stop partner for banks, merchants, fintechs and governments. These connections are supported through next generation open banking APIs and clear consumer approvals, both best-in-class data management practices.
Earlier this week, Mastercard confirmed that the Department of Justice had completed its review of its acquisition of Finicity and had cleared the deal to move forward.
Let’s recall that, in June 2020, Mastercard announced its entry into an agreement to acquire Finicity. The purchase price is US$825 million, and Finicity’s existing shareholders have the potential for an earn-out of up to an additional $160 million, if performance targets are met.