Visa is set to acquire one of the hottest fintechs on Wall Street, but the hardest work might still be ahead of it.. 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 the San Francisco-based fintech links the two sides, allowing financial data to flow between them.
However, while speaking on a webcast announcing the deal, Visa chairman and CEO Al Kelly acknowledged the potential for the need to make changes to Plaid as a result of issues raised by some market participants. Kelly did not elaborate on where Visa would potentially look to make changes. Visa declined to comment. Plaid did not return a request for comment in time for publication.
Gordon Smith, co-president of JPMorgan Chase and CEO of consumer and community banking, was quoted supporting Visa's acquisition of Plaid i"We believe Visa's acquisition of Plaid is an important development in giving consumers more security and control over how their financial data is used," Smith said. "Protecting customer data and helping them share that information safely has long been a top priority for Chase.
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