Mastercard, Visa invest in crypto-serving fintech unicorn Plaid

Investments • September 17, 2019, 6:15AM EDT
UPDATED: September 17, 2019, 6:19AM EDT
Laborant / Shutterstock

Payments giants Mastercard and Visa have invested an undisclosed sum in Plaid, a crypto-serving fintech unicorn that recently hit a valuation of over $2.5 billion.

Zach Perret, co-founder and CEO of Plaid, announced the news in a blog post on Monday, saying that the firm is well on its way to create a consumer-first financial ecosystem that will “significantly improve the way people manage their financial lives.”

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Plaid currently helps users to connect their bank accounts to an app, and serves cryptocurrency clients including exchange Coinbase and wallet provider Abra, among others such as American Express and Venmo, PayPal's mobile payment service.

This year, Plaid also debuted the list of LinkedIn’s top 50 U.S. startups, ranking at 49. The startup has raised over $350 million in venture capital funding to date.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

More by Yogita Khatri