Plaid, the FinTech that enables apps to access consumers’ financial information, announced it is entering the European market, starting with the U.K.
In a blog post, Plaid said it chose the U.K. as its first foray in Europe because it has a thriving FinTech market and is among the fastest-growing sectors. According to Plaid, more than 1,600 FinTech companies came out of the U.K., which is expected to double by 2030.
“As we’ve done in the U.S., Plaid will become the foundation for that growth by providing access to a financial network that allows developers to deliver the experience users expect from their financial apps,” wrote Keith Grose, international lead at Plaid.
Grose added that Plaid now supports transactions, identity, auth, balance and assets in the U.K., and is a registered AISP. As a result, it will be able to give FinTechs instant and reliable access to the most popular banks and neobanks, with more on the way. “This is just the starting line. We’re building a financial network that will deliver on the promise of open banking with the best in both local expertise and global opportunity,” he wrote.
The company’s expansion comes after reports surfaced earlier this month about its interest in the U.K. Earlier in May, the Financial Times reported that Plaid was looking to hire 10 or more people for jobs in Europe, which included a Europe lead and a U.K. lead specializing in go-to-market strategy. The U.K. lead will be in charge of building a presence for Plaid in London and will be in contact with lawmakers in the country. Other jobs included engineers and policy experts.
“Our plan has always been to bring the financial connectivity Plaid offers to a global stage, but we have no specific expansion plans to announce at this time,” a Plaid spokesperson told the publication at the time.