Mastercard (MA) announced Tuesday it has entered into an agreement to acquire Aiia. Terms of the agreement were not disclosed.
Aiia is a licensed Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP) and operates under the supervision of the Danish Financial Supervisory Authority (FSA).
Aiia is 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.
Open banking is democratizing financial services by putting consumers at the center of where and how their data is used to provide the services they want and need. Fintechs and banks use this consumer permissioned data to provide easier and more inclusive access to credit, personal financial management, digital wallets and payments services. Mastercard plays a central role in this ecosystem as a trusted intermediary and secure data network.
Mastercard was an early advocate of open banking across the globe. The company has made bold moves to blend its proprietary technology and multi-rail payments expertise with strong partners offering complementary services.
The transaction, which is anticipated to close by year's end, is subject to customary closing conditions.
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