Wednesday 13 January 2021

US-based payments company Visa Inc. (NYSE: V) and US data network Plaid have terminated a merger agreement and agreed with the Department of Justice to dismiss the litigation related to the proposed transaction, the companies said.

The proposed transaction was first announced on January 13, 2020.

Under the original deal, Visa agreed to acquire Plaid for USD 5.3bn.

The transaction was expected to close in next three to six months.

Plaid powers the fintech tools used by thousands of digital financial apps and services like Acorns, Betterment, Expensify, and Venmo, and by many of the largest banks.

Headquartered in San Francisco, the company was founded in 2013 by Zach Perret and William Hockey.