Visa to pay $5.3bn to buy fintech startup Plaid

Visa buys financial technology company Plaid for $5.3B

Visa is purchasing the financial technology company Plaid for $5.3 billion, a major push by the payment processing giant into other types of money transfer systems outside of Visa's traditional credit and debit card business.

Visa, alongside rival card network Mastercard, joined a $250 million financing round in Plaid in September a year ago, that gave the company a $2.65 billion valuation.

Plaid focuses on enabling consumers and businesses to interact with their bank accounts, check balances, and make payments through financial technology applications.

The San Francisco company was already an investor in Plaid, and so is Visa's biggest competitor, Mastercard. Today, one in four people with a United States bank account have used Plaid to connect to more than 2,600 fintech developers across more than 11,000 financial institutions.

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"Plaid is a leader in the fast growing fintech world", Visa Chairman and Chief Executive Al Kelly said in Monday's statement. So Visa must be pretty happy with how the startup has developed since then.

JPMorgan Chase was an early user of Plaid, opening up its account data to the company back in October 2018.

The CEO of PayPal Dan Schulman also said that the combination of the two companies would provide their company with "exciting opportunities" to enhance their products, as Paypal has "strong relationships with both Visa and Plaid".

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