Visa buys financial technology company Plaid for $5.3B

Visa is acquiring Plaid for $5.3 billion 2x its final private valuation		
			
		Alex Wilhelm					Ron Miller		
	8 hours

Visa is acquiring Plaid for $5.3 billion 2x its final private valuation Alex Wilhelm Ron Miller 8 hours

Payments giant Visa announced Monday that it plans to acquire Plaid, makers of a platform that lets people connect their bank accounts to finance apps like Venmo and Betterment, for $5.3 billion.

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

The WSJ couldn't learn the terms of the deal; Plaid, though, was valued at ~$2.65B in a 2018 funding round.

Pak court annuls Musharraf’s death penalty; declares special tribunal’s ruling ‘unconstitutional’
The prosecution now has the option to file a new case against Mr Musharraf with the approval of the federal Cabinet. Chief Justice Athar Manallah stated that there were unique, unusual and unprecedented circumstances in the case.

It was later revealed by Plaid that both Visa and rival Mastercard were investors in that round.

The takeover of the fintech darling will give Visa a great opportunity to "accelerate" the company's business beyond cards, according to its CEO Al Kelly. Plaid, whose technology lets people link their bank accounts to mobile apps like Venmo, was founded in 2013 and now connects with over 11,000 financial institutions across the United States, Canada and Europe.

Visa and Plaid respectively used Lazard and Goldman Sachs as their financial advisors.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.