Mastercard acquires Utah fintech Finicity for $825 million

Mastercard acquires Utah fintech Finicity for $825 million

(Kristin Murphy, KSL)

Estimated read time: 2-3 minutes

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

SALT LAKE CITY — Mastercard announced it acquired Salt Lake City-based tech firm Finicity for $825 million Tuesday.

The purchase gives Mastercard more tools that will help banks speed up credit decisions and improve account verification processes using Finicity's technology, which allows access to financial data for business and individuals.

With the deal, Finicity’s existing shareholders will have the potential for an earn-out of up to an additional $160 million, if performance targets are met.

With the "low-risk" earnout along with management retention, Finicity says it brings the deal over $1 billion.

It's another move from Mastercard to move away from traditional card payments as it continues to diversify and invest in tech.

Finicity launched its first financial product in 2000 and has since expanded to provide financial data APIs (application programming interfaces), credit decision tools and financial wellness solutions. It's played a key role in Experian Boost as well as Rocket Mortgage by Quicken Loans.

The deal allows Mastercard to expand its open banking system to allow a greater choice of financial services for both businesses and individuals.

Open banking allows more control for customers over their financial data, including how and where third parties can access that information to provide new services like money management programs or initiate payments on their behalf.

“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.”

Mastercard has invested in the space over the last several years, including the 2019 launch of a set of open banking solutions in Europe. The acquisition of Fincity allows Mastercard to expand those same solutions into North America.

Finicity has around 500 employees worldwide. It’s anticipated the deal will be finished by the end of the year.

“Since our founding, Nick Thomas and I have focused on developing industry-leading technology and building an organization that empowers consumers and organizations to better understand, manage and use their financial data to improve their financial lives,” said Steve Smith, chief executive officer and co-founder of Finicity. “Enabling people to access and control their data, while ensuring best practices to protect that data, will continue to drive tremendous innovation that increases financial literacy, inclusion and health. This partnership with Mastercard helps us accelerate this mission globally.”

Related topics

Science & TechUtah
Ryan Miller has covered the Utah Jazz for since 2018.


Catch up on the top news and features from, sent weekly.
By subscribing, you acknowledge and agree to's Terms of Use and Privacy Policy.

KSL Weather Forecast