Picking up on the consolidation trend that was evident before the Covid-19 pandemic, Global payments mega player Mastercard has announced its intention to buy Fintech player Finicity for $825 million USD. This number is supplemented with up to $160 million for shareholders if Finicity meets performance targets. With this purchase, Mastercard hopes to profit from Finicity’s product to help boost it’s open banking service offering – allowing customers to determine which third parties can access information exchanged over the payments network. Mastercard considers the deal drag on business to not exceed two years.
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