On September 7, 2021, Mastercard 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. Wilson Sonsini Goodrich & Rosati is advising Mastercard on the privacy and cybersecurity, and U.S. tax aspects of the transaction.
Aiia’s expertise in providing safe and secure data access complements Mastercard’s data responsibility principles, continuing to put the individual at the center of the process. This relationship reinforces work led by Mastercard’s Finicity team to extend data-related best practices across multiple industries. The connectivity of Aiia in Europe will enable Mastercard to deliver the credit decisioning and credit scoring applications of Finicity to European clients. Similarly, the connectivity of Finicity in the U.S. will help deliver the account information services and payment applications of Aiia to U.S. clients–giving customers globally easier, faster, and safer access to open banking services. The transaction is expected to close at the end of 2021. Terms of the agreement were not disclosed.
The Wilson Sonsini team representing Mastercard includes…
Privacy and Cybersecurity
Cédric Burton
Matt Staples
Laura De Boel
Daniel Chen
Carol Evrard
Roberto Yunquera Sehwani
Dantam Le
For more information, please see Mastercard’s press release.