Fintech

Visa abandons $5.3bn acquisition of fintech startup Plaid

The deal had been previously waved through by competition authorities in the UK, but faced an inquiry in the US

Wednesday 13 January 2021 at 13:38

Visa abandons $5.3bn acquisition of fintech startup Plaid
Photo: Getty Images

Visa has scrapped plans to acquire fintech startup Plaid for $5.3bn, on the back of a probe into the merger by the US Justice Department.

The Justice Department sued to block the deal in November last year on antitrust grounds, arguing the acquisition of Plaid’s technology would allow Visa to monopolise the online debit-card market.