Credit and payments giant Visa Inc. has reportedly paid over $5 billion for a fintech firm that provides services to connect payments apps to bank accounts. It could be good news for the fintech and crypto industry for the coming years.
Visa Pays $5.3 Billion For Plaid
The credit card giant aims to tap into consumers’ growing use of fintech apps and internet payments with its latest acquisition. Visa has reportedly paid $5.3 billion for the startup as the industry has evolved into a more app-based ecosystem.
Plaid provides software that gives apps like Venmo and Square Cash access to financial accounts. The San Francisco based fintech firm raised funding a year ago at a $2.65 billion valuation, which has now just doubled.
Visa meanwhile has a market value of $420 billion, roughly double that of the entire crypto asset market…
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