Visa acquires a financial technology project that supports digital currencies for $5.3 billion
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Answer Visa acquires a financial technology project that supports digital currencies for $5.3 billion
Today, Visa Corporation (NYSE:V) announced that it has acquired Fintech startup Plaid for $5.3 billion.
announced Visa that the acquisition process will help it to enter into new business and strengthen its existing business.
The transaction is expected to be completed within 3-6 months until regulatory approvals are obtained.
The Plaid project is distinguished by allowing users to directly link their bank accounts to applications such as PayPal, with the aim of sharing their financial information easily.
It is worth noting that the Plaid project provides its services in the field of cryptocurrency through various partnerships with the Coinbase platform and the Abra wallet.
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Visa will pay $4.9 billion in cash and about $400 million in deferred equity, according to what was mentioned in the Advertising.
It is worth noting that the last valuation received by the Plaid project was approximately $ 2.5 billion.
Visa CEO Al Kelly commented on the acquisition, saying:
The combination of Visa and Plaid will place us in a distinguished position in the fintech world, expanding our market and accelerating our long-term revenue growth trajectory.
Both “Visa” and “MasterCard” invested an undisclosed amount in the Plaid project in time Previously, knowing that the project was established in 2012, and succeeded in raising $350 million in multiple investment rounds.
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