Visa to buy fintech service working with crypto projects for $ 5.3 billion

Visa to buy fintech service working with crypto projects for $ 5.3 billion

Payment giant Visa will acquire fintech startup Plaid, which helps users of its service connect bank accounts to financial applications to exchange information between them, and also serves cryptocurrency projects.

According to the agreement, Visa will buy the young company for $ 5.3 billion, of which $ 4.9 billion will be transferred immediately, and the remaining $ 400 million with a delay. The parties have already agreed on all the conditions and are now awaiting regulatory approval. The closing of the deal should take place in the next 3-6 months.

In fact, Visa agreed buy a startup at double the price, as Plaid was valued at $ 2.5 billion in September 2019. However, the payment giant expects the acquisition will not only help strengthen the company’s current position, but also provide long-term revenue growth.

In addition to external acquisitions, Visa develops many of its own products. For example, in September, the company announced that it was developing a blockchain system. for the secure processing of personal data.

text: Ivan Malichenko, photo: Visa

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