What is it and what does fintech do that Visa bought for more than five billion dollars

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Visa, the US giant of cards and financial services, has reached a “definitive” agreement to acquire for $ 5.3 billion the online payment services firm Plaid, founded in 2013 by Zach Perret and William Hockey, as reported by both companies.

The Plaid interface facilitates connectivity between the accounts of app users such as Transferwise or Venmo. Currently, Plaid allows users to connect with more than 11,000 entities in the United States and Canada.

The US multinational said that the purchase of Plaid implies the entry into a new business and a complementary improvement of its current businesses, highlighting that the combination of both companies will allow to offer an improvement in payment capabilities and value-added services related to developers Fintech

Likewise, the purchase of Plaid will allow Visa to work more closely with fintech companies throughout all phases of development and boost the growth of Visas core business.

“Plaid is a leader in the world of fintech,” said Al Kelly, president and CEO of Visa, for whom this acquisition, along with other efforts in the fintech segment made by the company, will position Visa to offer a better value for consumers and financial entities.

“Plaid’s mission is to make money easier for everyone and we are excited for this opportunity to continue fulfilling this promise on a global scale,” said Zach Perret, CEO and co-founder of Plaid.





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