The global payment system Visa has signed a final agreement to acquire the fintech company Plaid for $ 5.3 billion. This is stated on the Visa website.
According to Visa, it was attracted to Plaid by a company-developed network that allows people to easily and securely connect their financial accounts to the applications they use to manage the financial aspect of their lives.
Plaid’s products enable consumers to conveniently share their financial information with thousands of apps and services such as Acorns, Betterment, Chime, Transferwise and Venmo. Consumers rely on these apps and services to help plan their spending, increase their savings and monitor their investments. For example, when a user sets up a Venmo account, it is Plaid that enables the user to link their bank account to their Venmo account.
Thanks to this deal, Visa will be able to discover new markets and launch additional products for its customers. In the future, the company intends to move towards closer cooperation with representatives of the financial technology industry.
Plaid’s mission is to make money easier for everyone, and we are excited for this opportunity to continue delivering on that promise at a global scale. Visa is trusted by billions of consumers, businesses and financial institutions as a key part of the financial ecosystem, and together Visa and Plaid can support the rapid growth of digital financial services.
CEO and co-founder of Plaid
The Plaid API for connecting bank accounts is used, in particular, by the Robinhood crypto-brokerage application, Coinbase and Gemini exchanges, as well as the Abra custodian service.