Daily Management Review

Visa to pay $5,3B for Plaid fintech startup


US payment system Visa Inc. acquires Plaid startup for $ 5.3 billion. Plaid helps link bank accounts to mobile applications, according to Visa’s press release.

DeclanTM via flickr
DeclanTM via flickr
"Today Visa Inc. announced signing of a final agreement to acquire Plaid, a network that allows people to easily and securely link their financial accounts to applications that they use to manage their financial lives. Visa will pay a total of $ 5.3 billion for Plaid", - the message reads.

Plaid allow linking bank accounts to a number of applications, including Acorns, Betterment, Chime, Transferwise and Venmo.

Visa notes that the purchase will not affect the previously announced buyback program or the payment of dividends. The transaction is expected to be completed within the next three to six months after receiving the necessary approvals and other conditions.

Visa is a global payment system that provides access to a network of electronic payments to cardholders, merchants, financial and government institutions.

source: bloomberg.com