- Visa Plans to Acquire Plaid for $5.3b
Visa Inc, one of the world’s largest payment platforms, has perfected plans to acquire fintech giant, Plaid, for $5.3 billion just 6 years after it was launched.
Plaid, a company that uses API to connect startups to customers’ bank accounts, said it is connected to over 11,000 banks and serves more than 200 million customers across the world. Founded in May 2013, Plaid has enjoyed tremendous success and presently boost of 100 percent combined growth since 2015.
The company CEO, Zach Perret, said: “We feel fortunate to have been there for the early days of fintech, and to have helped develop that ecosystem,” Perret said in a phone interview. “This represents an important milestone, and the ability to work with Visa to make our products products much bigger and better — both domestically and internationally.”
According to Visa, 75 percent of the world uses App to send or receive money, therefore, it is necessary for the company to expand it reach if it plans to deepen growth.
“Plaid is a leader in the fast growing fintech world with best-in-class capabilities and talent. The acquisition, combined with our many fintech efforts already underway, will position Visa to deliver even more value for developers, financial institutions and consumers,” stated, Al Kelly, Visa CEO and Chairman.
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Fintech Company, Grey, Unveils New Look to Support its Global Expansion Strategy
Grey, a leading cross-border fintech company, has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design.
This strategic move aligns with the company’s dynamic plans to expand its footprint in the global market.
The company’s transformation was unveiled on its social media platforms on Monday, November 27, 2023. Grey aims to leverage this fresh identity to reach a broader audience and solidify its international presence. The updated brand assets visually represent Grey’s commitment to innovation, excellence, and global connectivity.
The rebranding initiative follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users. The company’s rapid growth and expanding user base have spurred this bold step towards rebranding, symbolizing success and underlining its dedication to remaining at the forefront of global fintech innovation. Furthermore, the previous logo was not usable in some foreign markets due to trademark conflicts with another company.
Idee Obong, The CEO and founder of Grey, shared insights into the rationale behind the rebranding, stating, “As we chart our course toward serving a global audience, we recognized the need for trademarks and related processes. We identified similarities with existing marks during this evaluation, prompting a deliberate rebrand. The new logo and website signify our forward trajectory, emphasizing global connectivity and our commitment to creating a more interconnected world. Our focus remains on being people-centric and cultivating a lasting community.”
Grey’s brand evolution is occurring at a crucial juncture for the fintech industry, which is positioned for significant opportunities despite recent economic uncertainties. The fintech sector has faced challenges in the past year; notwithstanding, Grey has rapidly scaled, adeptly responding to the heightened demand for its services.
The company has also established key partnerships across both B2B and B2C sectors across Africa over the past months, solidifying its reputation as a trusted and reliable cross-border payments company.
Femi Aghedo, Co-founder of Grey, emphasized the strategic timing of the brand evolution, stating, “The timing simply felt right to evolve our brand. Our growth and evolution as a business needed to be reflected tangibly. We are dedicated to ongoing innovation, adapting our services to meet the dynamic needs of our customers. Our core mission is to provide seamless and secure cross-border payment solutions, empowering businesses and individuals in the global economy. We eagerly anticipate the future of fintech and the opportunities it presents for us to impact the industry positively.”
Furthermore, customers can expect a more innovative and interconnected user experience when engaging on their platforms. As Grey ventures into this exciting new chapter, the team remains committed to providing cutting-edge and secure cross-border payment solutions, fostering global connectivity, and contributing to the evolving landscape of the fintech industry.
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