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Mastercard Takes Step Away From Cards With $825 Million Deal (1)

June 23, 2020, 1:37 PM

Mastercard Inc. made another push away from traditional card payments with an $825 million deal to acquire technology firm Finicity.

The purchase gives Mastercard more tools that help banks speed up credit decisions or improve account verification processes, using Finicity technology that lets companies share consumers’ financial data.

“Finicity has a proven business, built on partnerships with thousands of banks and fintechs, similar to us,” Mastercard President Michael Miebach said in a statement Tuesday. “Finicity also shares our commitment to consumer-centric data practices, ensuring consumers have a say in how and where their information should be used.”

Mastercard’s efforts...

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