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Visa Acquires Financial Technology Start-Up Plaid For $5.3 Billion
Summary: Visa, the financial services giant, is buying San Francisco-based financial technology start-up Plaid for $5.3 billion, according to an announcement from the company. Plaid’s API software, considered by many to be the “plumbing” behind fintech companies, allows start-ups to connect to users’ bank accounts. The software is used by major companies such as Venmo, mobile ...
Visa, the financial services giant, is buying San Francisco-based financial technology start-up Plaid for $5.3 billion, according to an announcement from the company.
Plaid’s API software, considered by many to be the “plumbing” behind fintech companies, allows start-ups to connect to users’ bank accounts. The software is used by major companies such as Venmo, mobile investing app Robinhood and cryptocurrency exchanges Coinbase and Gemini.
According to Plaid, one in four people in the United States with bank accounts have connected to the fintech company through an app. Visa, Mastercard, Goldman Sachs, along with the venture arms of Citi and American Express were all early investors in Plaid.
By Ramsey Baker
Tags: 5.3 billion,acquires,Fintech,plaid,Venmo,Visa
Link: Visa Acquires Financial Technology Start-Up Plaid For $5.3 Billion [Copy]
