Plaid, the financial platform that links banks to consumers and powers Venmo and Acorns, said that it received strategic investments from Visa and Mastercard that are part of the company's previously announced Series C investment round of $250 million, according to a spokesperson..
The companies have not disclosed the specific investments from Visa or Mastercard.
"Financial services is in the midst of a digital revolution led by the fintech market and many forward leaning financial institutions," Zach Perret, CEO of Plaid, said in a prepared statement. "A similar digital revolution occurred in commerce over the past decades, with Visa and Mastercard leading the charge.”
Bill Sheedy, senior vice president of the Strategy Group at Visa, said partnerships are core to the company's business model.
"Visa is focused on developing partnerships with fintechs like Plaid who are helping to expand access to digital payments, while opening new acceptance points around the world," he said in an emailed statement.
Cover image courtesy of Plaid.
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