March 15, 2022
Open finance efforts drive financial inclusion
Since our earliest days, Plaid has been focused on building an inclusive digital ecosystem.
Our network serves consumers from more than 12,000 financial institutions – from the largest banks to regional banks and community credit unions, as well as fintechs and neobanks. This inclusive approach ensures all people can securely connect to the services they need to manage their money.
Today, we’re excited to announce that the Plaid Exchange integration with Green Dot’s GO2bank is live on the Plaid network. Now, GO2bank’s customers, many of whom are underbanked, can reliably connect to more than 6,000 apps powered by Plaid.
69% of consumers say they would consider switching institutions if they couldn’t connect to the apps and services they want to use. Plaid’s open finance solutions have helped customers of hundreds of banks securely connect their accounts to other digital financial services. Last year we announced that Plaid Exchange was increasingly adopted by fintech companies as well.
The Plaid and Green Dot partnership provides GO2bank customers with an API, token-based open finance experience that enables the data connectivity that today’s consumers expect. With the integration, GO2bank customers now have the power to manage their finances seamlessly, affordably, and with confidence.
Plaid is proud to work alongside Green Dot to extend the reach of our open finance solutions to even more people, including those who live paycheck to paycheck or have limited or no access to financial services due to lower income levels or credit-thin histories.
The need to provide equitable access to digital financial services has never been more critical, especially as an estimated 63 million Americans remain unbanked or underbanked. Even as fintech use surpassed traditional banking among some underserved populations last year, the industry has a vital role in helping to close gaps in financial access.
Plaid’s mission is to unlock financial freedom for everyone. Making progress towards financial inclusion takes like-minded partners across the ecosystem, like Green Dot. We look forward to continuing to find more ways to expand open finance for all.