Visa to acquire Plaid, the fintech powering Venmo and other banking apps, in $5.3 billion deal

Visa is buying Plaid, an American financial services company, in a deal worth $5.3 billion — roughly double the startup’s last private valuation.

Plaid’s API software lets startups connect to users’ bank accounts and works with Venmo, mobile investing app Robinhood and cryptocurrency exchanges Coinbase and Gemini.

Plaid says 25% of people in the United States with bank accounts have connected to the fintech company through an app. Visa and rival Mastercard were early investors in the start-up, along with the venture arms of Goldman Sachs, Citi and American Express.

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