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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