Colorado – June 29, 2020 – Cooley advised Finicity, a leading provider of real-time access to financial data and insights, on its agreement to sell to Mastercard. Cooley partners Laura Medina and Michael Platt led the team advising Finicity.
Under the terms of the agreement, Mastercard will acquire Finicity for $825 million upfront, with the potential of $160 million in additional earn-out payments contingent on meeting performance targets.
“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,” Finicity CEO and co-founder Steve Smith said in a news release. “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.”
Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The addition of the company’s complementary technology and teams will strengthen Mastercard’s existing open banking platform to enable and safeguard a greater choice of financial services that give people and businesses more control over their financial data.
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