Citi builds FinTech open banking marketplace for FinTechs

Investment bank Citi is building an open banking marketplace where  third party FinTech firms can sign data access agreements to customer-approved accounts with eight startups and data aggregators.

“At Citi, we believe in giving our customers choice, convenience and control of their financial data,” Mike Naggar, chief digital officer, Citi’s US Consumer Bank, said in a statement.

“Through the use of APIs, these agreements will help provide a seamless and secure data sharing experience for Citi customers who choose to share their financial data with third party apps and services.”

The first companies covered by the data sharing agreement include, BillGO, eMoney, Envestnet Yodlee, Expensify, Finicity, Intuit, MX, and Xero.

The news comes after Citi granted 4G Capital a $2.6m term loan in October, helping the FinTech to better support the financial needs of 25,000 small businesses specialising in fast-moving consumer goods.

In November, FinTech Global reported that Citi, through its investment arm Citi Ventures, had invested in Mexican venture Arcus, which stylises itself as a FinTech-as-a-service platform, marking its first investment into the emerging FinTech ecosystem in the country.

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