Visa Acquires Fintech Company Plaid, for $5.3 Billion
Summary
Visa Inc. (NYSE: V) is to acquire Plaid, a San Francisco, CA-based network that allows people to securely connect their financial accounts to the apps they use to manage their financial lives, for $5.3 billion. The deal is subject to regulatory approvals and other customary closing conditions. Second, the combination of Visa and Plaid enhance payment capabilities and related value-added services to fintech developers. Finally, the acquisition will enable Visa to work closely with fintechs through all stages of their development and drive growth in Visa’s core business. Founded in 2013 by Zach Perret and William Hockey, Plaid provides products that enable consumers to share their financial information with thousands of apps and services such as Acorns, Betterment, Chime, Transferwise and Venmo.