January 12, 2021
The Year Ahead
Today we announced that we have decided to terminate our pending acquisition by Visa, and will instead remain an independent company. Since founding Plaid 8 years ago, we have been maniacally focused on expanding access and improving financial outcomes for consumers, developers, and financial institutions – and the intent of joining Visa was to accelerate that work. Unfortunately, the pace of a multi-year regulatory review is not compatible with the fast-moving realities of a startup – and delaying close another year or more is not in the best interest of our customers, the financial system, or consumers themselves.
The industry has been forever changed in the past twelve months, as consumers have turned to fintech to help manage their financial lives at an accelerating pace. As a company, and as an industry, we have an urgent responsibility to stay focused on delivering the products and services on which consumers rely.
The past year has been one of exciting growth for Plaid. Hundreds of new banks joined our platform, and over 4,000 companies turned to Plaid as the infrastructure to support their businesses, including many of the largest Fortune 500 companies who are focused on bringing digital financial products to their customers. Supporting the increased demand for digital finance that COVID has brought is our top priority.
I expect 2021 to be more of the same. In addition to our ongoing focus on helping companies of all sizes deliver digital financial products, we have made significant progress in the ways that we work with financial institutions. Delivering on the promise of open finance is in everyone’s best interest, and we’ll be working in lockstep with our customers and financial institutions to bring this to fruition globally.
I could not be more excited for what comes next. Onwards!