Visa, Plaid Agree To Terminate Merger
0 After a year–almost to the date–of credit card network Visa and fintech company Plaid working toward a merger, the two companies announced Tuesday they are terminating that agreement. The journey included antitrust litigation filed in November by the U.S. Department of Justice that alleged Visa’s acquisition of Plaid would eliminate competition in the online debit market and thereby enable Visa to have a monopoly. We believe the combination of Visa with Plaid would have delivered significant benefits, including greater innovation for developers, financial institutions and consumers. — Jeff Lu (@JiffyLu) January 12, 20211/ @Plaid underpins virtually all of fintech; it is the strategic pillar that is allowing this industry to be built at unprecedented scale and speed. While I believe the DOJ decision to be misguided, I’m MORE excited for @plaid and @zachperret‘s decision to remain independent.