Mastercard secures DOJ approval on Finicity acquisition

The U.S. Department of Justice has approved Mastercard”™s $825 million acquisition of Finicity, a financial data aggregation provider.

Mastercard announced its plans to acquire Finicity in June with the goal of expanding its open banking products. Finicity”™s technology powers major platforms including Quicken Loans Rocket Mortgage and Experian Boost.

“We are pleased to have reached this milestone,” the Purchase-headquartered MasterCard said in a statement. “The acquisition of Finicity accelerates our open banking strategy and strengthens our ability to offer consumers and businesses more choice in how they pay and how they simplify their lives and maximize their financial relationships.

“We look forward to closing the deal and bringing the companies together to provide further value to consumers, banks, merchants, businesses and governments.”