Plaid, the US-based financial data infrastructure company, has completed the acquisition of a prominent European open banking startup in a deal valued at $680 million, significantly accelerating its push into the European market.
The acquisition gives Plaid direct connectivity to over 6,000 financial institutions across the EU and UK, along with established regulatory relationships and PSD2-compliant infrastructure.
"Europe's open banking ecosystem is maturing rapidly, and this acquisition positions Plaid at the centre of that evolution," said Plaid's CEO. "We're bringing together the best of US fintech innovation with deep European market expertise."
The deal is expected to double Plaid's European revenue within 18 months and provide a foundation for expansion into adjacent markets including Brazil and Australia, where open banking mandates are gaining momentum.