RATE Group | Visa to acquire fintech company Plaid in $5.3 billion deal
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Visa to acquire fintech company Plaid in $5.3 billion deal

13 Jan Visa to acquire fintech company Plaid in $5.3 billion deal

Posted at 23:58h in Cryptocurrency News by

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Plaid co-founders William Hockey and Zach Perret

Source: Plaid

Payments giant Visa is buying Silicon Valley start-up Plaid in a deal worth $5.3 billion, the companies announced Monday.

Plaid’s API software, often referred to as the “plumbing” behind fintech companies, lets start-ups connect to users’ bank accounts. It’s well-known among financial technology developers, but the average person interacting with it most likely wouldn’t recognize the name. High-profile Plaid customers include popular peer-to-peer payment app Venmo, mobile investing app Robinhood and cryptocurrency exchanges Coinbase and Gemini.

As of December, Plaid said 25% of people in the United States with bank accounts have connected to the fintech company through an app. Visa and rival Mastercard were early investors in the start-up, along with the venture arms of Citi and American Express.

Goldman Sachs — also an early investor — was the exclusive advisor on the deal, according to a person familiar with the…

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