Visa to acquire crypto-serving fintech unicorn Plaid for $5.3B

Payments giant Visa is set to acquire Plaid, a crypto-serving fintech unicorn, for $5.3 billion.

Announced Monday, Visa said the acquisition would help it enter into new businesses and enhance its existing card business. The deal is expected to close in the next 3-6 months, pending regulatory approvals.

Plaid helps users to connect their bank accounts to apps, such as PayPal's Venmo, to conveniently share their financial information. The startup also serves crypto firms, including Coinbase and Abra wallet.

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