MasterCard's acquisition of Finicity, a financial technology company, was approved

On November 17, MasterCard On Monday, the US Department of Justice approved its acquisition of Finicity, a financial technology company, for US $825 million.

It is understood that MasterCard first announced this acquisition plan in June, when it was expected that the transaction would be completed before the end of this year. After the completion of the acquisition, it will become one of the largest acquisitions in the field of financial technology in 2020.

Michael Mibach, president of MasterCard, said that opening banking business is a growing global trend and a space of great strategic significance for MasterCard. Finicity's participation can enhance the function of MasterCard's open banking platform, thus realizing and "ensuring more financial service options".

According to Cross Border Communication, Finicity was founded in 2000 and is committed to building a safe, inclusive and innovative financial data sharing ecosystem, mainly through the real-time financial data aggregation and insight platform, payment And credit decision-making. Finicity cooperates with financial institutions such as Wells Fargo Bank, Fidelity Investment, First Capital Financial Corporation and JPMorgan Chase.

In addition, according to the 2019 financial report of MasterCard, its net profit in 2019 reached 8.118 billion US dollars, up 38.56% year on year; The operating revenue was 16.883 billion US dollars, up 12.93% year on year. (Source: E-commerce News ）