Visa Acquires Payment Tech Provider Plaid For Twice Its Valuation
14 Janvier, 2020, 18:23 | Auteur: Auguste Feret
Visa, the number one payments technology company that is responsible for processing $3.4 trln transactions, bought Plaid for $5.3 bln, the sum that doubles the company's valuation of $2.65 bln. Plaid, whose technology lets people link their bank accounts to mobile apps like Venmo, was founded in 2013 and now connects with over 11,000 financial institutions across the United States, Canada and Europe.
The acquisition of Plaid, which provides the intermediary technology between banks and payment services like Transferwise, Acorns, and PayPal Holdings Inc.'s (NASDAQ: PYPL) Venmo, represents both Visa's "entry into new businesses" and "complementary enhancements to existing businesses", the company said in a statement. Kelly explained that Plaid's acquisition transitions Visa from connecting buyers and sellers to connecting consumers with fintech services.
The San Francisco company was already an investor in Plaid, and so is Visa's biggest competitor, Mastercard. (NYSE: MA), and Goldman Sachs Group Inc.
Plaid's fintech-centric business opens new market opportunities for Visa both in the U.S. and internationally, while providing a gateway to building closer relationships with fintech startups. "The combination of Visa and Plaid will put us at the epicenter of the fintech world, expanding our total addressable market and accelerating our long-term revenue growth trajectory".
Plaid will continue to operate as an independent company after the deal closes. Protecting customer data and helping them share that information safely has always been a top priority for Chase.
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