Finicity, a startup that offers a platform for financial data sharing, announced a major investment round led by credit reporting giant Experian.
Reports today (Dec. 7) said Finicity raised $42 million in Series B funding, which the firm will use to add new members to its engineering and support teams. Finicity also noted that it plans to accelerate development of new solutions built on its real-time financial data platform, used for aggregation and analytics.
Specifically, the company said, it will be targeting the credit decisioning market with its new solutions to help loan origination and risk mitigation.
Finicity operates Finicity Data Services, which aggregates information like account data and history, verification, statement information and other forms of financial data that can be used by financial institutions and FinTech players to develop their own solutions.
Experian’s interest in the company is no coincidence: Finicity was recently certified as a credit reporting agency, the company said.
“The emergence of the open financial web, and our ability to access and analyze account data, is enabling new thinking in financial services,” stated Finicity CEO and Cofounder Steve Smith. “This will improve existing processes and lead to better financial decisions for individuals and the institutions that serve them.”
He added that the company is “grateful” to Experian, as well as Bridge Bank, which also participated in the funding round.
“With the multitude of disparate data sources n the financial industry, businesses are struggling to provide consumers with access to financial data through any application of their choosing,” said Bridge Bank Technology Banking SVP Kelly Cook in another statement. “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.”