Mastercard Announces Acquisition of Finicity for Open Banking

Mastercard announced its intention to acquire Finicity, a prominent North American open banking and data aggregation provider, to advance its open banking strategy. Finicity's technology enables consumers and businesses to securely share their financial data with banks, fintechs, and other financial services providers. The acquisition positions Mastercard to offer a more comprehensive open banking platform that supports account verification, payment initiation, and financial data access.

By integrating Finicity's capabilities, Mastercard aims to support the broader ecosystem of financial institutions and fintech companies building embedded finance products. The deal reflects the growing strategic importance of data connectivity and open banking infrastructure in financial services. Financial terms were not fully disclosed in the initial announcement.

The acquisition was expected to close in late 2020, subject to regulatory approvals. This move represents one of the most significant open banking acquisitions of the year, underscoring major payments networks' push into BaaS-adjacent infrastructure.