Visa buys financial technology company Plaid for $5.3B
14 January, 2020, 18:20
Visa is purchasing the financial technology company Plaid for $5.3 billion, a major push by the payment processor into other types of money transfer systems outside of credit and debit cards.
The $5.3 billion price given in Monday's statement is double what Plaid was reportedly valued at during its last fundraising, when it took a $250 million Series C round that was announced in December 2018.
Plaid focuses on enabling consumers and businesses to interact with their bank accounts, check balances, and make payments through financial technology applications.
It was later revealed by Plaid that both Visa and rival Mastercard Inc were investors in that round.
Plaid allows consumers to link their bank accounts to financial services apps like Venmo, PayPal, Betterment and Transferwise.
"We are extremely excited about our acquisition of Plaid and how it enhances the growth trajectory of our business", said Visa CEO Al Kelly. "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 fintech-centric business opens new market opportunities for Visa both in the USA and internationally, while providing a gateway to building closer relationships with fintech startups. Bankers refer to companies like Plaid as "the plumbing" behind how these apps work. "We look forward to partnering with Visa to continue building a great experience for our shared customers".
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