FintekNews Deal of the Day – Finicity Lands $42M

Note from the Publisher:  It’s been a while since we’ve done a “Deal of the Day” and we thought this one bore merit, since A) the funding came from Experian, which TOTALLY validates the deal in our eyes, and B) they haven’t sought venture in over 8 years!  How refreshing to see that, rather than the endless rounds of venture churn we so often see in fintech deals. 

From their website: “Finicity, a leading provider of real-time financial data aggregation and insights, has secured $42 million in new funding. Experian, a global innovator in consumer and business credit reporting, led Finicity’s Series B round, along with a venture debt facility provided by Bridge Bank and participation from existing investors.

Finicity will use the capital from its funding to expand its engineering and support teams, accelerating new solution development built upon its data aggregation platform. Expanding upon its financial management and payment initiation tools, Finicity will be offering a variety of solutions for the credit decisioning market. These solutions will streamline the loan origination process, improving accuracy while reducing risk and enabling a better customer experience. The initial offerings will focus on digitizing the legacy pen-and-paper process of asset and income verification.

The funding will focus on growth at Finicity Data Services while also reinforcing operations at sister businesses Mvelopes and Aurora.

“The emergence of the open financial web, and our ability to access and analyze account data, is enabling new thinking in financial services,” said 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.”