Visa Plans to Acquire Plaid for $5.3b

• 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.