The Strategist

Mastercard acquires Aiia banking platform

09/08/2021 - 05:34

One of the world's largest credit card companies, Mastercard, is buying European open banking provider Aiia, according to Mastercard’s press release.

"Mastercard today announced that it has entered into an agreement to purchase Aiia, Europe's leading provider of open-format banking services...," the company said in a statement.

The firm notes that the transaction is expected to close at the end after satisfying customary closing conditions. Terms of the deal, however, were not disclosed.

Mastercard points out that it has long been a proponent of open banking technology. Earlier in 2019, for example, the company launched its first open banking application in the U.K. and Poland through a partnership with Token, and in 2020 it acquired the Finicity platform.

Aiia is a European banking platform that provides open banking services to banks, fintech companies, accounting service providers and payment companies.

MasterCard Inc. is an operator of one of the largest payment systems in the world. The number of transactions made through this payment system exceeds 22 billion per year.