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Visa to buy fintech startup Plaid in a USD 5.3 Bn deal

Jan 14, 2020 by The Passage Team
Visa to buy fintech startup Plaid in a USD 5.3 Bn deal

Visa said on Monday it agreed to buy privately held software startup Plaid in a USD 5.3 billion deal that will boost the payments giant's access to the booming financial technology space.

The transaction highlights how traditional financial firms are willing to pay top dollar to acquire businesses which have established strong positions servicing the digital and cashless economy.

Plaid's technology lets people link their bank accounts to mobile apps such as Venmo, Acorns and Chime, with the San Francisco-based firm saying its systems have been used by one in four people with a US bank account.

Source: Economic Times

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