Fintech startup Plaid launched a new payments program that lets users make online payments directly from their bank accounts. Plaid has partnered with multiple tech firms such as Stripe, SoFi, and Square, which will be responsible for moving the money. Users will be given a pay-by-bank option.
- Plaid's software is designed to make it easier for banks and fintech firms to access customers' bank accounts (with their permission).
- In January, Visa ended its bid to acquire Plaid for $5.3B after the Justice Department filed an antitrust lawsuit claiming the deal would reduce competition in the payments industry.
- Plaid raised $425M at a $13.4B valuation in April.