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.

Samsung's New Rugged Phone With Removable Battery Headed to U.S. for $499
Interestingly, the telephoto shooter on the Galaxy S20 and S20 Plus has a higher megapixel count than the one on the S20 Ultra. The upcoming smartphone's main camera is a 12MP Sony IMX 555 sensor with 1.8 μm-size pixels.

"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".

Related News:



Most liked

Selena Gomez Just Debuted The Cutest New Curtain Bangs
Selena recently released a new album " Rare " along with several music videos after a lengthy musical hiatus. He is also set to tour and release his own docu-series, Seasons , in 2020.

Arizona Wildcats at Oregon State Beavers Odds Pick & Prediction 01/12/20
OR trailed by as many as 11 in the first half and was down six with 1:47 to play in regulation before rallying to force overtime. Arizona has gone under in eight of its 15 games this season but has also gone under in eight of its last 12 Pac-12 games.

PC Sales Grew 1.9 Percent in 2019
This China-based company regained its top berth in the reported quarter with almost 24.8% market share per Gartner and IDC. Aside from a small drop in Asus shipments, Apple was the only major PC vendor to see Q4 2019 shipments fall.

Matchbox Twenty kicks off big summer tour in Bethlehem
Matchbox Twenty has not toured since 2017, when the band also made a stop in Kansas City. Pre-sale tickets for Matchbox Twenty fan club members will go on sale Tuesday at 7 a.m.

Rockets hit Iraqi airbase holding U.S. troops, four soldiers injured
At least one rocket is believed to have landed close to gates of the base, which is home to coalition forces near Baghdad. Tensions are at a high in the Middle East after the U.S. executed top Iranian general Qassem Soleimani.

Russians hacked company key to Ukraine scandal, researchers say
Trump is seeking reelection and Biden is a potential opponent out of a dozen Democrats seeking their party's nomination. Burisma, a Ukrainian energy firm, is at the heart of the impeachment proceedings against President Trump .

India Legend Sunil Gavaskar Questions MS Dhoni's Absence From National Squad
Gavaskar stated there's an excessive amount of disparity between the earnings of a first-class cricketer and an IPL recruit. Referring to the recent protests, Sunil Gavaskar stated that the country is in turmoil.

JPMorgan Could Launch CME Bitcoin Options Soon
It was reported last month that Bakkt and its New York Stock Exchange parent, Intercontinental Exchange Inc., started offering options .

Auto industry cautious as China starts 2020 with 2% sales decline forecast
CAAM, affirming its forecast announced last month, also said auto sales declined for the 18th consecutive month in December. Chen has installed more local designers and marketers with a better sense of Chinese tastes, the company has said.

Heavy snow paralyses life in Kashmir valley
Though it has disturbed the normal life as of now, farmers in the region are taking this as a good sign for next crop season. The early morning snowfall and sleet later in the day led to waterlogging of most of the roads in the Srinagar city.

Minneapolis native Vince Vaughn talks to Donald Trump
In a cover story for the British edition of GQ, for example, he said mass shootings "happened in places that don't allow guns". And while he looked friendly with Trump, Vaughn backed Republican Rand Paul in the 2016 election rather than the president.

India visit to salvage Donald Trump's foreign policy legacy?
Among the agreements they hope to wrap up is a trade deal, that has been pending since November 2018, when talks went into a standstill.

Billie Eilish will sing the title song of No Time to Die
Eilish has made huge waves as an artist since the debut of her album When We All Fall Asleep, Where Do We Go? back in March of 2019.

Huge sinkhole swallows bus in China killing six
Footage on state media showed people at a bus stop running from the collapsing road, as the bus - jutting into the air - sank. Around 1,000 rescue workers and 30 vehicles were sent to the site in the hilly city of Xining on the Tibetan plateau.

Iran Announces Arrests Over Downing of Ukranian Plane That Killed 176 Civilians
The president also demanded officials explain why it took so long for authorities to announce the real cause of the air disaster. But Rouhani said that for him it would be more important that Iranians are "assured that this incident will not be repeated".