Visa announced today that it is buying financial services API startup Plaid for $5.3 billion.
Plaid develops financial services APIs. It is akin to what Stripe does for payments, but instead of facilitating payments, it helps developers share banking and other financial information more easily. It’s the kind of service that makes sense for a company like Visa.
The startup bought Quovo two years ago to move beyond just banking, and into broader financial services and investments. The idea was to provide a more holistic platform for financial services providers. As the founders wrote in a blog post at the time of the acquisition, “Financial applications have historically used Plaid primarily to interact with checking and savings accounts. In acquiring Quovo, we are extending our capabilities to a wider class of assets.”
The deal is expected to close in the next three to six months, pending regulatory approval.
Featured News
Google’s Bid to End EU Antitrust Case with AdX Sale Rejected by Publishers
Sep 18, 2024 by
CPI
Google Challenges £7 Billion UK Lawsuit, Seeks Case Dismissal Over Alleged Market Abuse
Sep 18, 2024 by
CPI
GameStop CEO Ryan Cohen Fined Nearly $1M for Antitrust Violation in Wells Fargo Deal
Sep 18, 2024 by
CPI
French Regulator Approves FDJ’s Kindred €2.45B Acquisition with Conditions
Sep 18, 2024 by
CPI
UK Competition Authority Targets Greenwashing with New Fashion Compliance Rules
Sep 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
Francisco Javier Núñez Melgoza
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
Julio Garcia
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
Alejandra Palacios Prieto
The Cost of Making COFECE Disappear
Sep 3, 2024 by
Mateo Fernández