Visa Acquires Plaid, a Crypto-Friendly Fintech Company for $5.3 Billion
Credit card giant Visa had invested in the startup Plaid at an early stage, and now Visa is taking it over. The regulators still have to approve the deal.
Credit card giant Visa is taking over the fintech startup Plaid for $5.3 billion. At least, the companies announced in a corresponding agreement on Monday after the US exchange closed.
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.”
Zach Perret, CEO and co-founder of Plaid, also commented on the takeover. Plaid’s mission is to make money transactions easier for everyone. The takeover by Visa gives fintech the opportunity to advance this promise on a global level, he said.
Regulators still have to approve the deal
Plaid offers software that links payment apps such as Paypal, Venmo or Transferwise to bank accounts. The company, founded in 2013, is based in San Francisco, California. Visa plans to complete the acquisition in three to six months, but prior to that it still needs to be approved by the regulatory authorities.
Author: Marko Vidrih
Featured image credit: Pixabay