Buy Fintech Startup
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JANUARY 13, 2020 / 21:05 UTC
LONDON (Fintech Zoom) – Visa buy Plaid …Jan 13 (Reuters) – Visa buy fintech company Plaid for $5.3 billion.
Visa Inc. V, +0.33% said late Monday it has agreed to buy fintech company Plaid for $5.3 billion.
Plaid is the underlying technology connecting popular payment, investing and budgeting apps such as Acorns and Venmo and with consumers’ bank accounts.
“We are extremely excited about our acquisition of Plaid and how it enhances the growth trajectory of our business,” Chief Executive Al Kelly said in a statement.
“Plaid is a leader in the fast growing fintech world with best-in-class capabilities and talent.”
The deal is subject to closing conditions, including regulatory approvals, and Visa said it expects it to close in three to six months.
Visa will pay for the deal with cash on hand and “debt issuance at the appropriate time,” the credit card company said.
The deal has no impact on Visa’s previously announced stock buyback program or its dividend policy, it said.
Shares of Visa were flat in the extended session after ending the regular trading day up 0.8%.
Visa Inc is nearing an agreement to
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Visa Inc is nearing an agreement to buy privately held financial technology startup Plaid Inc and a deal could be announced over the week, the Wall Street Journal reported on Monday.
Founded in 2013, Plaid was valued at nearly $2.65 billion in a 2018 funding round, the report said.
The company’s technology lets people connect their bank accounts to mobile apps like Venmo. (Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Arun Koyyur)
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