Payments Giant Visa Acquires Fintech Firm Plaid for $5.3 Billion

Payments behemoth Visa acquired financial technology firm Plaid for $5.3 billion, according to a press release published on Jan. 13.

Per the release, Plaid has developed a network that allows users to easily connect their financial accounts to the apps they use to manage their financial lives.

The firm’s products reportedly allow for convenient sharing of financial information with thousands of apps and services by allowing users to link various accounts. 

The announcement states that 75% of the world’s internet-enabled consumers used a fintech application for moving funds. As such, it has “become increasingly important to facilitate consumers’ ability to use fintech applications.” Visa Chairman and CEO Al Kelly commented:

“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…