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1/13, 10:47 PM (Source: TeleTrader)
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Visa to buy fintech company Plaid for $5.3B

Visa Inc. announced it has signed a deal to buy privately held fintech company Plaid Inc. for $5.3 billion.

The acquisition will create a platform that allows money to move between the user's accounts and is intended to enable users to share their financial information with other money-transfer services like Transferwise or PayPal Holdings Inc.’s Venmo.

Al Kelly, CEO and chairman of Visa, said that "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." As per the announcement, Visa plans to fund the transaction with cash on hand and debt issuance at the appropriate time.

Breaking the News / TF