Digital Payment

VISA and Plaid Inc

We are witnessing one of the most important deals of the year in financial matters from the hand of VISA that closed an agreement of 5.300 million dollars to buy the financial technology startup Plaid Inc, this agreement puts the payment processor in the spotlight as a serious A contender in the fintech race, this deal led to strong antitrust scrutiny from the United States Department of Justice where it ruled whether the deal is blocked or does not violate antitrust law.

After examining the planned purchase for much of this year, the department is concerned that it could limit nascent competition in the payments sector, the report added.

The Justice Department is also preparing for possible litigation, including the lineup of witnesses for a trial, according to the WSJ report.

Visa and the Justice Department did not immediately respond to Reuters requests for comment. Plaid declined to comment.

The deal, which would boost Visa’s access to the fintech space, was announced in January.

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Source: https://finance.yahoo.com/news/visas-deal-buy-fintech-startup-181756235.html

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