$42M Funding For Finicity
“This will improve existing processes and lead to better financial decisions for individuals and the institutions that serve them.”
It seems like just yesterday I was writing about Finicity, and now they’ve gone and secured $42M in new funding. Companies grow up so fast.
Finicity is a leading provider of real-time financial data aggregation and insights with more than a decade of experience. Its aggregation platform delivers transaction and account data, account history, account verification and account statement data. This information allows a wide variety of financial institutions and fintech partners to create services and solutions for their customers around personal financial management, wealth management, online banking, lending, expense reporting, digital payments and more.
Experian led Finicity’s Series B Round, and Bridge Bank provided a venture debt facility. ““With the multitude of disparate data sources in the financial industry, businesses are struggling to provide consumers with access to financial data through any application of their choosing. Bridge Bank is pleased to support Finicity in accelerating their business and further development of solutions that enable financial institutions and developers to deliver on the promise of data democratization,” says Kelly Cook, SVP, Bridge Bank Technology Banking. Existing investors also contributed to the $42M.
Finicity plans to use the investment to accelerate new solution development by expanding its engineering and support teams. Expanding on its financial management and payment initiation tools, Finicity will offer a variety of solutions for the credit decision market. These solutions will streamline the loan process, and improve accuracy while reducing risk and enabling a better customer experience. “The emergence of the open financial web, and our ability to access and analyze account data, is enabling new thinking in financial services,” says Steve Smith, co-founder and CEO of Finicity. “This will improve existing processes and lead to better financial decisions for individuals and the institutions that serve them. We are grateful to Experian, Bridge Bank and our existing investors for believing in our vision and working with us to transform our market.”