Visa: buys fintech firm Plaid for 5.3 billion dollars
(CercleFinance.com) - Visa said on Monday that it will buy Plaid, a network that enables consumers to share financial information with apps such as mobile payment service Venmo, in a deal worth 5.
3 billion dollars.
Visa said that the acquisition will enable it to work more closely with fintechs, and drive growth in its core credit card business.
The move comes as 75% of the world's Internet-enabled consumers used a fintech application to transfer money in 2019, versus just 18% in 2015.
Plaid connects to over 2,600 fintechs across more than 11,000 financial institutions. When a user sets up a Venmo account for example, Plaid enables the user to link up their bank account to their Venmo account.
The deal is expected to close in the next three to six months.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
3 billion dollars.
Visa said that the acquisition will enable it to work more closely with fintechs, and drive growth in its core credit card business.
The move comes as 75% of the world's Internet-enabled consumers used a fintech application to transfer money in 2019, versus just 18% in 2015.
Plaid connects to over 2,600 fintechs across more than 11,000 financial institutions. When a user sets up a Venmo account for example, Plaid enables the user to link up their bank account to their Venmo account.
The deal is expected to close in the next three to six months.
Copyright (c) 2020 CercleFinance.com. All rights reserved.