Source: Business Insider
Visa is set to pay $5.3 billion for Plaid , the buzzy startup that links fintechs with their customers’ bank accounts. On a call announcing the news Monday, Al Kelly, Visa’s chairman and CEO, acknowledged some financial firms “would prefer Plaid operate differently in some cases.” He went on to say, “We intend to address those concerns.” Earlier this month, JPMorgan Chase announced fintechs would need to access customer accounts via tokens as opposed to using their passwords, as first reported by the Financial Times , requiring startups like Yodlee and Plaid to adjust how they operate. Click here for more BI Prime stories. Visa is set to acquire one of the hottest fintechs on Wall Street, but the hardest work might still be ahead of it. On Monday the payments giant announced it plans to buy Plaid for $5.3 billion . The startup serves as the connective glue between financial apps like Robinhood and Credit Karma and customers’ bank accounts. Through the use of application programming interfaces (APIs) the San Francisco-based fintech links the two sides, allowing financial data to flow between them.