Credit monitoring company Experian has led a $42m series B round for US-based financial data aggregation company Finicity, Finance Magnates reported today.
The round also featured unnamed existing shareholders. Bridge Bank has provided an undisclosed amount in venture debt.
Founded in 1999, Finicity operates a financial data aggregation platform that provides an insight into transaction and account history, account verification and statements. The technology enables products such as online banking, digital payments and wealth management.
The series B capital will go towards the recruitment of additional engineering and support staff, as well as further development of the platform. The company plans on offering specific services to the credit monitoring industry.
The company has not revealed details about previous funding rounds. Deals database Crunchbase says Finicity raised $8.9m in seed funding in 2008, though the claim is unsourced.
Steve Smith, co-founder and chief executive of Finicity, said: “The emergence of the open financial web, and our ability to access and analyse account data, is enabling new thinking in financial services. This will improve existing processes and lead to better financial decisions for individuals and the institutions that serve them.”