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Visa to Buy Plaid for $5.3 Billion in Bid to Reach Startups (2)

Jan. 14, 2020, 12:54 AM

Visa Inc. grew into one of the world’s most valuable financial companies by serving as the pipes that help connect banks and merchants.

Now, it’s making a major bet on doing the same for data between banks and financial startups.

Visa agreed to pay $5.3 billion for Plaid, a fintech firm that connects popular apps like Venmo to customers’ data in the established banking system. The deal caps a meteoric rise for Plaid and aims to keep fueling Visa’s own ascent, which has seen its stock triple in the past five years. The sale price is double Plaid’s $2.65 billion...

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