Mastercard has agreed to acquire Utah-based fintech startup Finicity, the company announced Tuesday.
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The acquisition price comes to $825 million, and Finicity’s existing shareholders could earn up to an additional $160 million if certain performance targets are met, according to a statement from the companies.
Finicity provides real-time financial data aggregation and insights. The company is based in Salt Lake City and also has an office in Mumbai, India, according to its website.
The acquisition will bolster Mastercard’s open banking platform, the company said.
“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,” Mastercard President Michael Miebach said in a statement. “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.”
Mastercard’s recent acquisitions include RiskRecon and SessionM, according to Crunchbase data.
Finicity’s acquisition follows a couple other large notable fintech acquisitions in the last year. PayPal bought Honey for $4 billion, and Visa bought Plaid for $5.3 billion for example. Finicity’s price tag was lower than Honey or Plaid’s, but a large sum nonetheless. And it’s another big exit for Utah’s growing startup scene.
Illustration: Dom Guzman
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