Mastercard Data Deal to Drive Fonto Expansion

Australian consumer data and insights company Fonto has announced a partnership with Mastercard, which will give it secure access to data provided by consumers using open banking. Consumers receive personal spending insights and financial rewards in exchange for their data.

Fonto provides syndicated data and insights services based on data from a community of Australians who securely share their daily transactions via open banking - this is combined with survey research. The company, which is an alumnus of Mastercard's Start Path Open Banking program, says the deal will help it expand its offering in the country and to scale its business, opening in international markets next year.

CEO Ben Dixon comments: 'We are excited about what Mastercard brings us here and around the world as Fonto expands. In addition to enabling us to provide higher quality, more accurate data at scale, there will also be new opportunities for research and engagement. We are yet to see anyone else in the world doing what we do in terms of integrating daily transaction data with surveys from the same individuals at scale.'

Brenton Charnley, VP Open Finance, Australasia at Mastercard adds: 'Open banking is about putting consumers in control of their data, with consent at the heart of every interaction. By leveraging Mastercard's open finance platforms, Fonto can empower Australians who choose to share their data to do so securely and with confidence, backed by a brand they have trusted with their information for nearly 60 years.'

Web site: www.fonto.com.au .