Visa makes a $5.3 billion acquisition

Visa to Buy Fintech Startup Plaid for $5.3 Billion

Plaid's technology lets people link their bank accounts to mobile apps such as Venmo

Visa estimates that 1 in every 4 Americans who have a bank account have used the underlying technologies of Plaid to link their bank accounts with other money transfer apps. For instance, when a Venmo user sets up an account, it's Plaid's technology that lets them link their bank account to their Venmo account.

The $5.3 billion price given in Monday's statement is double what Plaid was reportedly valued at during its last fundraising, when it took a $250 million Series C round that was announced in December 2018.

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The San Francisco company was already an investor in Plaid, and so is Visa's biggest competitor, Mastercard.

"This acquisition is the natural evolution of Visa's 60-year journey from safely and securely connecting buyers and sellers to connecting consumers with digital financial services", Visa's CEO Al Kelly said. So Visa must be pretty happy with how the startup has developed since then.

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Visa Inc said on Monday it agreed to buy privately held software startup Plaid Inc in a $5.3 billion deal. "We look forward to partnering with Visa to continue building a great experience for our shared customers".

The CEO of PayPal Dan Schulman also said that the combination of the two companies would provide their company with "exciting opportunities" to enhance their products, as Paypal has "strong relationships with both Visa and Plaid".

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