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Mastercard to purchase open-banking company Finicity for $825 million

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Mastercard Inc. MA, +0.73% announced Tuesday that it plans to acquire open-banking company Finicity for $825 million. Finicity shareholders have the ability for an earn out of as much as $160 million in additional funds if certain performance targets are met. The deal is expected to close by the end of the year. Mastercard said in a release that Finicity's technologies will strengthen its open-banking capabilities, helping give customers more control over their financial data as they link up with third-party services that rely on banking information. Open banking enables new fintech applications to offer services that leverage a user's existing financial and banking credentials. "It's through the use of next generation open banking APIs [application programming interfaces] and clear consumer approvals that this financial information can deliver streamlined loan and mortgage processes, rapid account-based payment initiation and personal financial management solutions," Mastercard President Michael Miebach said in the release. Mastercard shares are up 0.6% in Tuesday trading. They've gained 50% over the past three months as the S&P 500 SPX, -0.02% has risen 39%.

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