Benzinga | Sep 7, 2021 09:16AM EDT

Mastercard Acquire Aiia; Terms Not Disclosed

Mastercard (NYSE:MA) today announced it has entered into an agreement to acquire Aiia, a leading European open banking technology provider offering a direct connection to banks through a single API, allowing its customers to develop and launch new digital solutions that meet the needs of everyday life, work and play.

Open banking is democratizing financial services by putting consumers at the center of where and how their data is used to provide the services they want and need. Fintechs and banks use this consumer permissioned data to provide easier and more inclusive access to credit, personal financial management, digital wallets and payments services. Mastercard plays a central role in this ecosystem as a trusted intermediary and secure data network.

"The value of open banking comes through empowering consumers and businesses to use their own data to obtain financial services solutions simply, securely and quickly. The addition of Aiia anchors our European open banking efforts and allows us to continue to meet our customers where they are," said Craig Vosburg, Chief Product Officer, Mastercard. "As open banking continues to ignite innovation, we're committed to providing a unique set of technology platforms, data connectivity and infrastructure combined with data privacy and security principles. This will help fintechs and financial institutions innovate, gather feedback and scale faster and more effectively than ever to power smarter, more meaningful experiences."

Today, Aiia's open banking platform and expertise, including strong API connectivity and payment capabilities, has shown significant growth coupled with a relentless focus on quality. Aiia has brought to life a unique model for open banking in Europe, driven by data privacy, security, quality and access. Its customer-centric approach and ambition to create open banking that simply works complements Mastercard's existing distribution channels, technology and data practices.

"For the past decade, we have worked to build Aiia into a leading and quality-driven open banking platform, which has onboarded hundreds of banks and fintechs onto safe and secure open banking rails. We have worked closely alongside banks, customers and local authorities to ensure that our APIs show the true effect of open banking. We're excited to become a part of Mastercard and progress our journey of empowering people to bring their financial data and accounts into play - safely and transparently," said Rune Mai, CEO & Founder, Aiia.