Visa has announced that it is buying Plaid in a deal which is worth $5.3 billion, the company is used by Venmo and other banking apps as well as other companies like Robinhood, Coinbase and more.
Visa has said that at least one if four people who have a US bank account have used Plaid’s technology.
“We are extremely excited about our acquisition of Plaid and how it enhances the growth trajectory of our business,” said Al Kelly, CEO and chairman of Visa. “Plaid is a leader in the fast growing fintech world with best-in-class capabilities and talent. The acquisition, combined with our many fintech efforts already underway, will position Visa to deliver even more value for developers, financial institutions and consumers.”
“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,” said Zach Perret, CEO and co-founder of Plaid. “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.”
You can find out more information about the deal between Visa and Plaid over at Visas website at the link below.