Visa to buy fintech startup Plaid in US$5.3b deal

Cornelia Mascio
Gennaio 14, 2020

Visa (NYSE:V) is close to a deal to buy privately held fintech Plaid, the Wall Street Journal reports, citing people familiar with the matter.

Plaid focuses on enabling consumers and businesses to interact with their bank accounts, check balances, and make payments through financial technology applications. Visa and Mastercard themselves invested in Plaid during its $250 mln funding round before the acquisition, which might explain such an enormous premium.

"Plaid is a leader in the fast growing fintech world", Visa Chairman and CEO Al Kelly said in Monday's statement.

Visa said Plaid's core focus on fintech will open new market opportunities both in the USA and internationally. The deal will also give Visa an opportunity to sell enhanced payment capabilities and related value-added services to fintech developers, the company said. Plaid, whose technology lets people link their bank accounts to mobile apps like Venmo, was founded in 2013 and now connects with over 11,000 financial institutions across the United States, Canada and Europe. The acquisition would not impact upon Visa's previously announced stock buyback or dividend plans.

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