Visa set to buy Plaid, the fintech that powers apps like Betterment and Venmo, for $5.3 billion

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Plaid cofounders Zach Perret and William Hockey

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Plaid cofounders Zach Perret and William Hockey
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Plaid
  • Visa introduced on Monday it has agreed to purchase fintech startup Plaid for $5.three billion.
  • Plaid raised $250 million in a Collection C in December 2018, which Visa participated in, at a reported valuation of $2.65 billion.
  • Visa CEO and chairman Al Kelly stated in a press release that the deal “will place Visa to ship much more worth for builders, monetary establishments and shoppers.”

Funds large Visa introduced on Monday it has agreed to purchase fintech startup Plaid for $5.three billion.

Plaid serves because the hyperlink between monetary apps similar to Betterment and Venmo and prospects’ financial institution accounts. The corporate makes use of utility programming interfaces (APIs) to share knowledge between each two sides.

In December 2018 the buzzy startup raised $250 million in a Collection C that Visa participated in and valued it at $2.65 billion, in line with TechCrunch.

Learn extra: Visa’s CEO hinted at the necessity to deal with ‘issues’ Wall Avenue has about buzzy fintech Plaid, which the fee large is about to purchase for $5.three billion

In January 2019, Plaid acquired competitor Quovo for an undisclosed quantity.

“We’re extraordinarily enthusiastic about our acquisition of Plaid and the way it enhances the expansion trajectory of our enterprise,” stated Al Kelly, CEO and chairman of Visa, in a press release. “Plaid is a chief within the quick rising fintech world with best-in-class capabilities and expertise. The acquisition, mixed with our many fintech efforts already underway, will place Visa to ship much more worth for builders, monetary establishments and shoppers.”

Source link Tech Insider

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