Finicity, a Salt Lake City, UT-based provider of real-time financial data aggregation and insight platform, secured $42m in Series B funding.
The round was led by Experian, along with a venture debt facility provided by Bridge Bank and participation from existing investors.
The company will use the capital to expand its engineering and support teams and accelerate 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, which will streamline the loan origination process. The initial offerings will focus on digitizing the asset and income verification process.
Led by Steve Smith, co-founder and CEO, Finicity leverages a real-time financial data aggregation and insights platform to provide solutions for financial management, payments and credit decisioning. The company, which is also developing and promoting industry standards, including next-gen OFX and TxPUSH, has developed more than 16,000 bank integrations, with the vast majority through direct connections to formatted bank data sources, and serves customers around personal financial management, wealth management, online banking, lending, expense reporting, digital payments, etc.