Payments giant Visa has announced it will purchase API FinTech Plaid.
In Brief:
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Plaid allows users to connect their financial accounts to various apps.
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These include Acorns, Venmo and Transferwise.
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The transaction is subject to regulatory approval.
What does this mean?
Visa is partnering with FinTechs to add value for developers, financial institutions and consumers. Both companies have existing relationships with giants like PayPal and Goldman Sachs, who have come out in support of the deal.
