Plaid acquires ID verification business Cognito 

Open banking payments business Plaid has acquired an identity verification and compliance platform.

In Brief:

Cognito offers ID verification to a number of FinTechs, around KYC and AML compliance. 

It supports many of Plaid’s customers, including Affirm and Brex. 

The deal is reportedly worth $250mn.

What does this mean?

Plaid will now use Cognito within its onboarding process, from verification to account funding. 

Read more here.