Visa has decided to acquire Plaid startup, in a deal worth USD 5.3 billion, according to the two companies.
According to CNBC, Plaid’s API software allows startups to connect to users’ bank accounts. High-profile Plaid customers include popular P2P payment app Venmo, mobile investing app Robinhood, and cryptocurrency exchanges Coinbase and Gemini.
As of December 2019, Plaid said one in four people in the US with bank accounts have connected to the fintech company through an app. Visa and rival Mastercard were early investors in the startup, 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 CNBC.
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