Visa and Plaid walked away from a $5.3 billion deal

January 13, 2021
Visa and Plaid walked away from a $5.3 billion deal

The US Department of Justice raised antitrust accusations against Visa

The middle of the week came with news from Visa. The company was under the Department of Justice scrutiny amid antitrust practices.

Department’s interventions put an end to a possible merger between Visa and the fintech company Plaid. The $5.3 billion deal, which could have been the largest in the industry to date, could have eliminated competition for Visa from the DOJ point of view. Plaid, the fintech startup, is used by Venmo, SoFi, and Robinhood as a link between the apps and users’ bank account data.

Even though the deal didn’t come through, Visa and Plaid are planning to collaborate in the future.

After the news hit the wires, Visa stock price traded 1.89% lower.

Sources: fortune.com

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