Mastercard announced its intent to acquire financial technology company Finicity to advance its API and financial data strategy. The acquisition is intended to strengthen the payment card giant’s relationships with consumers and businesses by giving them more control over their financial data.
Mastercard’s move to acquire Finicity follows a similar one made by arch-rival Visa when it acquired Plaid in January. The major payment networks are betting financial data and new mobile apps will drive the next generation of growth for fin-tech. Finicity offers a platform enabling Mastercard to develop new fin-tech products appealing to broader audiences beyond banks.
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