Finicity picks up $42m for financial data aggregation

Real-time financial data aggregation platform Finicity has picked up $42m in new funding.

Financial analytics firm Experian led the Series B round with Bridge Bank also providing a venture debt facility alongside existing backers.

Finicity aggregates consumers’ data to allow financial services firms and fintech startups to develop services for them.

These include solutions around personal finance and wealth management as well as online banking, lending, expense reporting and payments.

Founded in 1999 the company also aims to allow account owners to control access to their financial data.

The Utah-based firm says it will use the capital to grow its engineering and support teams.

It also aims to expand its solutions for credit decision making that’s designed to streamline loan origination, improve accuracy and reduce risk.

Finicity says it will initially aim to digitise legacy processes surrounding asset and income verification.

The round takes the company’s total funding to just short of $51m with it previously raising $8.9m in a seed round in January 2008.

Copyright © 2016 FINTECH GLOBAL

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