International payment system Visa has announced the purchase of U.S.-based Plaid, which connects fintech service companies with clients’ bank accounts.

Vedomosti reports that the amount of transaction made USD 5.3 billion.

“This purchase demonstrates the company’s evolution from connecting sellers with buyers to connecting users with digital financial services,” said Visa CEO, Chairman of the Board of Directors Al Kelly.

Plaid is an aggregator serving financial planning apps Mint and Acorns and money transfer app Venmo.

Two years ago the company was valued at USD 2.65 billion.


The deal will help Visa to reach a new level of security in exchange of client data and to strengthen ties with large banks, which are far from eager to provide access to clients’ accounts for security reasons.

Back in 2017, Visa bought the minority share of Swedish payment provider Klarna, which became Europe’s most valued fintech company in summer of 2019.

A year ago Plaid purchased its competitor Quovo for approximately USD 200 million.

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