FOSTER CITY, Calif.—The largest player in credit cards is moving further beyond the traditional card-swiping model amid the rise of newer fintech options such as Venmo and Betterment.
Visa plans to acquire financial-technology upstart Plaid for $5.3 billion, MarketWatch reported.
Plaid, valued at about $2.65 billion in a late 2018 private funding round, allows individuals to connect their financial accounts with newer fintech platforms including Mint, Acorns, PayPal, Venmo and Betterment.
“The deal continues Visa's M&A kick, following a busy 2019 in which the company bought cross-border services company Earthport and chargeback-reduction company Verifi, among others,” stated MarketWatch.