Visa will buy fintech service working with crypto projects for $ 5.3 billion

Payment giant Visa to acquire fintech startupPlaid, which helps users of its service to connect bank accounts to financial applications for the exchange of information between them, and also serves cryptocurrency projects.

Under the agreement, Visa will redeem the young companyfor $ 5.3 billion, of which $ 4.9 billion will be transferred immediately, and the remaining $ 400 million with a delay. The parties have already agreed on all conditions and are now awaiting regulatory approval. Closing of the transaction should take place in the next 3-6 months.

In fact, Visa agreed to buy double price startup since September 2019Plaid was valued at $ 2.5 billion. However, the payment giant expects that the acquisition will not only help strengthen the company's current position, but also provide long-term revenue growth.

In addition to external acquisitions, Visa is developing a host of its own products. For example, in September, the company announced that it was developing a blockchain system for the safe processing of personal data.