Visa's acquisition of Plaid has produced a lot of speculation on what the deal means. Here's what's really going to happen.
Nothing gets venture capitalists to congratulate themselves on how smart they are like a startup that gets acquired for an ungodly amount of money.,” which has gained more than 4,000 followers since the account was created in November 2019.]
Platitudes like “this acquisition is the natural evolution of Visa's 60-year journey” and “the combination of Visa and Plaid will put us at the epicenter of the fintech world” take up space in Visa’sBut, hey, kudos to Visa for this: Despite JPMorgan Chase’s announcement that it was shutting down access to its customers’ accounts by aggregators like Plaid, the CEO of Chase’s Consumer Banking division was quoted in the press release as saying “We believe Visa’s acquisition of Plaid is an...
And what about the two-thirds of mid-size banks and three-quarters of credit unions who told Cornerstone Advisors in its 2020 What’s Going On in Banking study that fintech partnerships are critical to their business strategies? Ya think? Not long after the deal was announced, a buddy of mine tweeted me saying “Five of the top 20 banks have called me so far today. They’re all pissed off.”Direct to consumer services diminish the neutrality of Visa’s payment network.
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