What Happens if Mastercard and Visa Gobble up all the Data Aggregators?

In American Banker Penny Crosman considers Mastercard’s recent announcement of the acquisition of Finicity and Visa’s acquisition of Plaid; if these acquisitions are approved by regulators then the two biggest card networks will own two of the largest data aggregators; this would make Mastercard and Visa the gatekeepers and tollkeepers for all kinds of fintech and open-banking activities; some people are concerned these deals will stifle innovation; Brad Leimer, co-founder of Unconventional Ventures, said, “If more moats are created to control personal financial information, there will be no ability for new businesses to create value around this data, let alone consumers having the ability to cross the water toward new value.” American Banker.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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