Finicity, a provider of real-time financial data aggregation and insights, has closed a $42 million round of funding.
The Salt Lake City startup's aggregation platform delivers transaction and account data, account history, account verification and account statement data. It also allows individual account owners to control and grant permission to access to their financial data for other financial institutions or fintech developers to use.
Finicity said in a press release Wednesday that it plans to use the capital to expand the size of its engineering and support teams to accelerate the development of solutions built on its platform. The company said it will also use funds to expand Finicity Data Services and to reinforce operations at Mvelopes, an online budgeting app, and Aurora, a payment processor and program manager.
"The emergence of the open financial web, and our ability to access and analyze account data, is enabling new thinking in financial services," Steve Smith, Finicity's co-founder and CEO, said in the release. "This will improve existing processes and lead to better financial decisions for individuals and the institutions that serve them."
The company also plans to offer solutions for credit decisions that would focus on digitizing the legacy pen-and-paper process of asset and income verification by streamlining the loan origination process, improving accuracy and reducing risk. Finicity was recently certified as a credit reporting agency.
The consumer credit reporting giant Experian led the funding round, along with a venture debt facility provided by Bridge Bank Technology Banking, which provides business banking products and services to small- and middle-market U.S. businesses. Existing investors also participated.