Visa and Plaid Call Off Merger

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The payments company Visa (NYSE: V) and the fintech start-up Plaid have announced that they will no longer pursue a merger, ending a bid that began almost exactly one year ago.

Last January, Visa announced its plan to acquire Plaid, a network that enables people to easily and securely connect their bank accounts to various apps, in a deal valued at $5.3 billion.

Visa had planned to use Plaid to enhance its role in fintech development. In doing so, Visa planned to also expand its total addressable market and improve its cross-border strategy with Plaid’s ability to quickly connect and authenticate bank accounts.

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