Visa, one of the largest and biggest payment systems in the world, is set to acquire one of the world’s largest financial technology (fintech) firms Plaid in a massive $5.3 billion deal.
The payment giant, in a press release published two days ago, touted the fintech firm for the crucial roles it plays in the financial markets. As the major link between the financial world and the tech community, Visa looks to provide better customer service via the merge.
Plaid is a network that makes it possible to link financial details or accounts to institutions. In clear terms, Plaid makes it possible for you to link your bank account to applications such as Transferwise and Venmo.
Besides your traditional bank accounts, Plaid also allows consumers to link their crypto wallets to apps. It goes without saying that Plaid’s goal is to allow users gain easy access to their finances.
Plaid’s co-founder and CEO, Zach Perret, stated:
“Plaid’s mission is to make money easier for everyone, and we are excited for this opportunity to continue delivering on that promise at a global scale. Visa is trusted by billions of consumers, businesses and financial institutions as a key part of the financial ecosystem, and together Visa and Plaid can support the rapid growth of digital financial services.”
Merging a payment giant such as Visa with a global consumer pool and an innovative, world-leading fintech firm such as Plaid is one of the best things that can happen to our digital world. Via the merge, Plaid can now offer its groundbreaking services to a larger population.
Visa, on the other hand, will find it a lot easier to achieve its goal of boosting connectivity between consumers and financial institutions. Only this time with a little more leverage – Visa can now extend its service from just consumers and financial institutions to the fintech world, especially developers. So, this is both a new adventure for Visa and a new tool to expedite its goals.
Expressing the company’s excitement on the ongoing deal, the CEO and Chairman of Visa, Al Kelly, stated:
“we are extremely excited about our acquisition of Plaid and how it enhances the growth trajectory of our business. Plaid is a leader in the fast-growing fintech world with best-in-class capabilities and talent. The acquisition, combined with our many fintech efforts already underway, will position Visa to deliver even more value for developers, financial institutions and consumers.”
This huge acquisition will surely have an impact on the world of cryptocurrency. Let’s see how Visa will utilize the new company and its innovative financial solutions.
