Mastercard to acquire Finicity for $985m.

Mastercard agreed to acquire Finicity, which offers data processing software solutions for the financial sector, for $825m. Finicity’s existing shareholders have the potential for an earn-out of up to an additional $160m, if performance targets are met. “Open banking is a growing global trend and a strategically important space for us. With the addition of Finicity, we expect to not only advance our open banking strategy, but enhance how we support and accelerate today’s digital economy across several markets. Finicity has a proven business, built on partnerships with thousands of banks and fintechs, similar to us. Finicity also shares our commitment to consumer-centric data practices, ensuring consumers have a say in how and where their information should be used. It’s through the use of next generation open banking APIs and clear consumer approvals that this financial information can deliver streamlined loan and mortgage processes, rapid account-based payment initiation and personal financial management solutions," Michael Miebach, Mastercard President.