Mastercard agreed to buy Finicity, a consumer-financial-data and verification-solutions company, for $825 million plus potentially an additional $160 million conditioned on the acquired company's performance.
Fincity's owner-verification tech will be added to Mastercard's New Payment Platform capabilities to improve real-time payments experiences for Mastercard customers. The deal, which is anticipated to close by year’s end, is subject to regulatory review and other customary closing conditions
The company says that Finicity's tech will help enhance Mastercard's open-banking platform by allowing the company to expand in North America and elsewhere.
"Open banking is a growing global trend and a strategically important space for us," said Michael Miebach, president of Mastercard.