Visa Inc. to purchase fintech startup Plaid at an all-cash $5.3 billion buyout deal


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Visa Inc. to purchase fintech startup Plaid at an all-cash $5.3 billion buyout deal

Late on Monday, the 13th of January 2014, Foster City, CA-based financial service company, Visa Inc., engaged primarily in e-fund transfers across the world through its Visa branded credit, debit and prepaid cards, had issued a public statement saying that the leading US financial entity was going to purchase a privately-held fintech software startup Plaid Inc.

at a $5.3 billion buyout deal, remarking another leading US financial service provider joining a string of existing lenders which had already invested billions in to the fastest growing industry. Aside from that, the buyout bid for Plaid Inc., which had been roughly double of what Plaid Inc.

had reported later last year, could underscore the scale of significance traditional financial firms were willing to lay off to put their hands on one of the established and strong-positioned fintech firms. Meanwhile, expressing a through-and-through optimism over the Plaid Inc.

buyout deal, the Visa Inc. Chair and Chief Executive Officer, Al Kelly said in a statement late on Monday (January 13th), “Plaid is a leader in the fast growing fintech world. The acquisition, combined with our many fintech efforts already underway, will position Visa to deliver even more value for developers, financial institutions and consumers,” while sources revealed initially the Master Card Inc. had also been a passive bidder Plaid Inc.