Visa Inc. has grown one of the world’s most valuable financial companies by serving as the pipes help connect banks and merchants. And now it’s making a bet on doing the same for data between banks and financial startups.
Developer tools of Plaid help power a range of popular financial apps such as Venmo, Coinbase Inc. and Acorns Grow Inc. by channelling the banking data they need for their apps and websites. In 2012, the firm was founded with more than 200 million accounts linked on its platform, according to the presentation. Visa is the world’s largest US card network which handles $ 3.4 trillion of credit, debit and prepaid card transaction in the first nine-month in 2019, according to the media reported.
The clients of the company are largely comprised of banks that issue credit and debit cards, but the company is looking to expand its presence in the burgeoning field of electronic payments, where trillions of dollars are sent by wire transfer or between bank accounts globally each year.