US Fintech Company Plaid Debuts in the UK

In the move to global expansion, fintech company Plaid is launching its services to the United Kingdom.

The start-up valued $2.7 billion is connecting US bank accounts to fintech applications for easy payment and banking services. Applications like Venmo, Robinhood, Coinbase and Acorns can now be linked to a user’s bank account.

In an article published by Financial News London, it is said that Plaid confirms entry into the UK and is eyeing to recruit more than 25 people by 2020. The company is also looking into opportunities to expand into mainland Europe.

Plaid’s CEO Zach Perret said that the company aims to help customers connect to UK-based fintech apps. “We are not just talking about launching in the U.K here, we’re talking about launching a full international strategy,” Perret added.

The CEO also emphasized that they are planning to enter the Chinese fintech market, as part of its move for international expansion.

In order to link bank accounts to Venmo and others, fintech apps need an application programming interface, which Plaid provides. The API of Plaid has attracted investments coming from big banks in the United States including Goldman Sachs, Citigroup and American Express.

Experts are saying that Plaid helped these banks to accelerate in terms of growth in the payment sector. The start-up believes that their technology is perfect for UK’s open banking framework. In addition to financial services, Plaid also sells software to customers, providing access to the consumer account data established by banks.

Plaid also receives full support from Index Ventures, CapitalG, NEA, Kleiner Perkins and Andreessen Horowitz.

Right now, the company is exploring more fintech markets outside the US and the UK. They are also building a financial network to deliver its promise of open banking to local expertise and a global community.