Visa swallows FinTech plaid for $ 5.3 billion

Comfortable from home: The demand for online payment services is growing steadily. Now credit card giant Visa is increasingly entering the sector and has announced that it will take FinTech plaid under its wing. Plaid develops programming interfaces that link digital payment apps such as PayPals Venmo or Transferwise with bank accounts.

Visa is taking over the start-up for the impressive sum of $ 5.3 billion, according to a press release dated January 13. However, the takeover should not be completed until the next three to six months. The supervisory authorities have yet to give their approval.

Visa at the epicenter of the FinTech world

The takeover opens up new payment processing options for Visa for digital financial services. Plaid allows users to connect their bank accounts to apps like Venmo from PayPal. But crypto providers such as Coinbase and Abra Wallet can also be used via the app.

Al Kelly, CEO of Visa, said:

The combination of Visa and Plaid will bring us to the epicenter of the FinTech world, expand our entire addressable market and accelerate our long-term sales growth.

The start-up founded in 2012 is becoming increasingly popular. One in four people with a US bank account have already used plaid, the official release said. The company is now connected to 11,000 banks and has access to around 20 million customer accounts.

Dan Schulman, CEO of PayPal, added:

We have strong relationships with both Visa and Plaid. The combination of Plaid’s capabilities with the security and scope of Visa’s global network will offer us exciting opportunities to improve our products.

the Wall Street Journal According to Plaid, a 2018 round of financing was valued at just $ 2.65 billion. The fact that Visa is now putting twice the amount on the table can be interpreted as a long-term strategy to monopolize the market for mobile payment services in the future.

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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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