Fonto has announced a new collaboration with Mastercard to use open banking to empower Australians to securely share their financial data with greater accuracy and control for personal spending insights and financial rewards.
Fonto, an alumni of Mastercard’s Start Path Open Banking program, creates syndicated consumer research and insights products via their community of Australians who securely share their daily transactions via open banking. Members are provided with personalised financial insights into their spending behaviours and are rewarded for real-time surveys based on their actual transactions.
The deal creates opportunities to expand Fonto’s data and research products in Australia and supports their ambitions for international expansion by accelerating its entry into new markets. Mastercard’s scale as a global network, combined with its global reach, expertise and dedicated Australian open banking team were key differentiators.
“We are excited about what Mastercard brings us here and around the world as Fonto expands.” said Ben Dixon, Fonto CEO.
“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.”
“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,” said Brenton Charnley, VP, open finance, Australasia at Mastercard.
Fonto provides syndicated data and insights services across a range of categories, uniquely combining consumer transactions and survey research at scale.
