Plaid collects strategic investments from Visa and Mastercard

Open banking platform Plaid has received strategic investments from Mastercard and Visa.

The value of the investments was not disclosed.

Plaid is an open banking solution developer helping companies incorporate personal finance, lending, business finances, consumer payments and banking and brokerage services to its offering. Companies can use plaid to provide customers transactions, identity authentication, balance tracking, income monitoring, investing, income management, and assets management.

Earlier in the year, US-headquartered Plaid launched its services into the UK, with plans to deploy across the rest of Europe in the near future.

In a blog post announcing the investments, Plaid said, “We have long been inspired by the work these networks did to digitize commerce and hold this as an example for what we hope to accomplish in financial services. We look forward to collaborating on products that lie at the intersection of commerce and financial services.

“We’re particularly excited about what this means for our customers and for consumers. We are well on our way to creating a consumer-first financial ecosystem that will significantly improve the way people manage their financial lives.”

Last year, Plaid raised a $250m Series C round which had valued the business at $2.65bn.

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