Visa Acquires Fintech firm Plaid for $5.3 Billion

Visa, FinTech, Plaid, financial services, US, Canada, Europe, acquisition, payment capabilities, cashless economy, digital, business, market opportunities
Visa Acquires Fintech firm Plaid for $5.3 Billion

Payment giant Visa has announced the acquisition of financial technology company Plaid for $5.3 billion. The move comes as a part of a strategy to establish a strong position in the digital and cashless economy. Plaid offers a financial application that connects apps and services with financial services such as Venmo, Acorns, and others. It connects with more than 11,000 financial institutions across the US, Canada, and Europe.

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Visa aims to open new market opportunities and deliver enhanced payment capabilities and related services to fin-tech developers. The acquisition is expected to close in the next three to six months. Plaid will continue to operate as a separate business unit under Visa’s ownership and work with Visa’s brand, resources, and international footprint.

Source:https://www.usnews.com/news/business/articles/2020-01-13/visa-buys-financial-technology-company-plaid-for-53b