Our next guest on the Fintech One-on-One podcast is Steve Smith, the CEO, and co-founder of Finicity. Finicity has been a real pioneer in the open banking space, or as Steve likes to call it an open financial data network, which is probably more accurate.
The credit giant is adding advanced analytics to further assist lenders in managing their risk profiles while adding expanded credit models for small business loans and credit-card lines.
From the deal, Finicity will gain data sharing access to Wells Fargo's customer data for its clients which include personal financial management providers and online lenders; the deal is one of many currently underway for Wells Fargo and Finicity as well as numerous other market participants; overall, market consensus from American Banker shows less tension between banks and third party providers with companies such as Intuit reporting an increased interest from all parties involved in improving the experience for customers; American Banker also notes that as data sharing becomes more prevalent there's likely to be an evolution of technology that helps facilitate the connectivity. Source
This week, we look at:
Embedded finance as a growing theme with the $10B Affirm IPO and Stripe's launch of Treasury
The customer types that each of these firms is attempting to convert into their product, and what this tells us about economic growth
A framework for understanding the emerging value chain of digital finance, and the role of platforms and marketplaces
In TearSheet’s recent podcast they discussed the growth of data aggregation in the financial services; data aggregation has become one...
The principle behind Mastercard’s CipherTrace acquisition, L1 growth, and IRS getting your bank data
Paying attention is the path to seeing and doing. Mastercard has bought CipherTrace to see blockchain-based finance, to launch new businesses, and to plug in more networks into its nexus. The crypto networks proliferate at every layer, creating more computation on Ethereum, Polygon, Arbitrum, Optimism, Fantom, and Solana. The US executive seeks to see more too, asking the banks for their records of financial transactions to enforce taxation compliance.
Mastercard launched a set of open banking tools through Finicity, enabling b2c transactors to check user accounts before requesting an ACH.
In American Banker Penny Crosman considers Mastercard’s recent announcement of the acquisition of Finicity and Visa’s acquisition of Plaid; if...
With their recent acquisition of Credit Karma still fresh in everyone’s minds Intuit is rumored to be eyeing more fintechs;...
Mastercard said today that is acquiring Finicity, a leader in real-time access to financial data, for $825 million; there is...