November 04, 2021
Leading Fintechs Join the Plaid Network
When Plaid began, we focused on connecting with traditional institutions in the geographies where we operated. These connections enabled people to easily find and link their institution to the fintech apps and services they desired.
As consumer adoption of fintech has exploded during the pandemic, people increasingly want to connect their fintech accounts to other digital financial services.
A recent survey that Plaid did with Harris Poll revealed that seven in ten Americans, across every generation, think it’s important to connect their financial accounts together. This desire for interoperability across financial services is no surprise when you consider high proportions of people now store balances in fintech apps, from payments (50%) to investing platforms (27%) to retail merchant apps (29%).
Now, as more people utilize accounts from a variety of traditional and new institutions, Plaid is committed to ensuring that all types of accounts can connect to the apps people want to use.
As part of this commitment, we now provide coverage for 75% of the searches users make in Plaid Link for fintechs and neobanks. Hundreds of millions of people across North America and Europe have used Plaid to connect their accounts to the apps that they believe will help them lead healthier financial lives. A growing subset of this group includes the tens of millions of people who have connected their fintech or digital financial institution to apps and services through Plaid.
As a result of our efforts to build a more expansive network, consumers have the ability to connect their fintech accounts to other apps and services through Plaid. Some of the fintech companies supported on the Plaid network include:
Plaid also works directly with banking-as-a-service platforms, including Treasury Prime and Unit, to enable connectivity for all fintech clients on their platforms via Plaid Exchange. This means that any institution leveraging these BaaS platforms can quickly and easily be added to the Plaid network, providing flexible connectivity for even more consumers.
This expanded connectivity ensures people, regardless of service provider, are able to put their financial information to work across more services - from payments and lending to budgeting and saving. The ability to permission data from fintech accounts to other services also provides great choice and access to services for the underbanked. This opens the door for more users to connect to our customers’ services and helps our customers deliver expanded functionality and value to users.
More fintechs will be added to the Plaid network as part of our commitment to building inclusive infrastructure for the digital financial system. To accelerate this progress, our open finance API, Plaid Exchange, has been enhanced to expedite integrations into the network. This includes an implementation guide, an all-in-one resource hub and a streamlined way to test the integration, making it faster and easier to go live on the network.
The expansion of universal data access is a critical component of Plaid’s mission to unlock financial freedom for everyone. We look forward to sharing additional milestones along the way.
Are you a digital experience leader at a financial institution? At a technology provider serving financial institutions with digital capabilities?
To learn more about Plaid Exchange and partnering with our team, visit our website. To inquire about integrating Plaid data products into your platform, contact us at email@example.com.