Visa says its $5.3 billion acquisition of Plaid could add as much as 100 basis points to its net revenue growth by 2021.
is buying Silicon Valley start-up Plaid in a deal worth $5.3 billion, the companies announced Monday." behind fintech companies, lets start-ups connect to users' bank accounts. It's well-known among financial technology developers, but the average person interacting with it most likely wouldn't recognize the name. High-profile Plaid customers include popular peer-to-peer payment app Venmo, mobile investing app Robinhood and cryptocurrency exchanges Coinbase and Gemini.
Goldman Sachs — also an early investor — was the exclusive advisor on the deal, according to a person familiar with the negotiations.its valuation to $2.7 billion. It also added widely followed venture capitalist Mary Meeker to the board of directors. "This fits well, strategically," Kelly said about the acquisition. "We're excited about new businesses and the ability for this to accelerate our revenue growth over time."
Plaid has grown steadily with its list of customers since it launched in 2013. The company says it integrates with more than 11,000 banks and connects to more than 20 million consumer accounts. While it does not give specific numbers or a full list of companies, Plaid said its customer base doubled from 2017 to 2018 and has expanded to the U.K. and Canada.
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Visa to acquire Plaid, the fintech powering Venmo and other banking apps, for $5.3 billion
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