Finicity was named one of the Best Fintechs to Work For in 2021 by Arizent, publisher of American Banker and National Mortgage News. Finicity is one of nine companies that have been included on every year of the list’s existence dating back to 2018.

Even though many fintechs saw growth accelerate over the last 12 months, they were not immune to the political, social and financial turmoil wrought by the COVID-19 pandemic. Companies  had to respond nimbly, as the crisis demanded shifts in business strategy and leadership style. You can read what leaders learned over the past year as well as view the full list here.

Finicity was also profiled for its timely business strategy and acquisition by Mastercard. You can read it here ($).

You can also explore open positions at Finicity on our Careers page.

 

When Kristy Kim moved to the U.S. with her family from South Korea, she worked hard to achieve the American Dream. But when she graduated from a top university and landed a high-paying job in investment banking, she realized her years of scrimping and saving didn’t pay off in one crucial way – she had no credit file, so she wasn’t eligible for a car loan. She had to pay cash. 

Now Kim has launched TomoCredit Inc., a startup that uses with Finicity’s open banking platform to determine which applicants are qualified for credit, and how much credit to offer them. Traditionally, lenders use a credit score, but many people, including immigrants to the U.S. and young people, have not built up a credit history. TomoCredit’s research indicates that legacy lending policies keep 40 million people from accessing credit and the ability to build wealth. 

Using consumer-permissioned real-time data from than 10,000 financial institutions, Finicity can help TomoCredit get a clearer picture of an applicant’s financial health, improving risk assessment and credit decisioning. Once approved, applicants receive a TomoCredit Mastercard credit card with no fees and 0% APR. 

“Enabling people to access and control their data, while ensuring best practices to protect both that data and the consumer, will continue to drive tremendous innovation that increases financial literacy, inclusion and health,” Finicity CEO Steve Smith says. 

Want to learn more about Kim’s journey, how the TomoCredit Mastercard works, and how TomoCredit. Finicity and Mastercard are enabling inclusive credit? Read more on the Mastercard Newsroom.

The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world. This year, Finicity was recognized as the best Consumer Lending Platform.

Read the full press release. 

Finicity was named to the Women Tech Council (WTC) 2021 Shatter list. The list names the technology and innovation companies that are enacting impactful programs and inclusive cultures to accelerate removing the glass ceiling for women in tech.

Read the full press release.

FinLedger discusses account connectivity, data aggregation and what the future looks like after screen scraping. Ultimately, the success of APIs and open banking comes down to consumer control, access to consumer data, and whether it’s highly secure.

You can read the full article here.

Bloomberg Law discusses the expectations that the CFPB should create regulations for consumers’ safe sharing of their bank data with finance apps.

The Consumer Financial Protection Bureau has to decide how to apply dated consumer finance laws—aimed at protecting consumers from data breaches, flawed credit reports, and fraudulent transactions—to the new world of open banking.

Read the full analysis ($) here.

 

It may be that the worst is yet to come regarding a credit crisis and long-term economic hardship. According to a survey of 2,000 U.S. consumers Finicity conducted last November, people stated they were just as concerned about their credit in the wake of job losses or financial hardship near the end of 2020 as they were during the initial onset of the pandemic. In fact, more than two-thirds (65%) of respondents said they are concerned their credit score will go down in the next six months because of the pandemic.

Read the full article.

Finicity CEO and C0-founder Steve Smith discusses open banking and data strategies and how to continue to drive innovation forward in the fintech industry.

Read the full interview. 

ICE Mortgage Technology™, the leading cloud-based loan origination platform provider for the mortgage industry, announced today the winners of its 2021 ICE Mortgage Technology Innovation Awards.

The ICE Mortgage Technology Innovation Awards recognize the most creative mortgage lending companies who are pushing the envelope by creating extraordinary, customized solutions with ICE Mortgage Technology to achieve their business goals with exceptional results.

The 2021 ICE Mortgage Technology Innovation Award winner for Lenders’ Choice for Innovative Service Provider is Finicity (with Waterstone Mortgage).

“With a year of unexpected challenges, these industry-leading and resilient companies customized our ICE Mortgage Technology solutions to utilize automation technologies and data-driven insights to excel during a demanding year,” said Joe Tyrrell, president, ICE Mortgage Technology. “We’re proud to recognize these exceptional winners who showed agility, flexibility and persistence as our industry continued to pivot throughout 2020.”

You can read the full press release here or more about the winners here.

You can also read about how Waterstone Mortgage and Finicity worked together to experience a 10-15% monthly boost in digital verifications. Providing asset data sooner in origination process, saved loan originators’ time, and simplified the entire borrower experience.

Wriiting in The Paypers Voice of the Industry, Matthew Driver, Executive Vice President, Services, Asia Pacific, Mastercard, discusses Open Banking and the importance of data decency, ethical data usage, and how consumer-centric data sharing has the potential to unlock new opportunities within financial services.

Read the full article here.