Visa to buy fintech startup Plaid in US$5.3b deal

This Aug. 11 2019 file

Plaid likely doesn't have the name recognition of some of its client companies, but Visa said roughly one in four people with a United States bank account have used Plaid to share data with and connect to a finance app. Visa will pay total purchase consideration of Dollars 5.3 billion to acquire Plaid.

Plaid focuses on enabling consumers and businesses to interact with their bank accounts, check balances, and make payments through financial technology applications. Consumers rely on these apps and services to help plan their spending, increase their savings and monitor their investments. Today, one in four people with a USA bank account have used Plaid to connect to more than 2,600 fintech developers across more than 11,000 financial institutions. "Plaid is a leader in the fast growing fintech world with best-in-class capabilities and talent". Today, one in four people with a US bank account have used Plaid to connect to more than 2,600 fintech developers across more than 11,000 financial institutions. Plaid's business has the capacity to open new market opportunities for Visa both in the US and internationally; Plaid will have more opportunities to deliver enhanced payment capabilities and related value-added services to fin-tech developers.

Visa said Plaid's core focus on fintech will open new market opportunities both in the U.S. and internationally.

UFC Docs says Conor McGregor is in "best shape" of his career
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The takeover of the fintech darling will give Visa a great opportunity to "accelerate" the company's business beyond cards, according to its CEO Al Kelly.

Gordon Smith, co-president, JPMorgan Chase and CEO of Consumer and Community Banking, comments: "We believe Visa's acquisition of Plaid is an important development in giving consumers more security and control over how their financial data is used".

Visa was one of the companies that participated in the funding round, along with competitor Mastercard Inc.

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