Mastercard Acquiring Finicity for $825 Million

Mastercard (NYSE: MA) is adding a new asset to its portfolio. The company announced Tuesday that it has agreed to acquire Finicity, a privately held fintech that specializes in data aggregation. Mastercard will pay $825 million, and could also hand over as much as $160 million if Finicity meets certain performance targets (which were not specified).

Finicity will become part of Mastercard's efforts in the open-banking sphere. This is a relatively new corner of the banking industry in which a person's or an organization's financial data is shared (with their consent) with entities such as outside banks and finance companies.

Image source: Mastercard.

Source Fool.com