The organization reported Tuesday it will purchase a comparable start-up called Quovo for only south of $200 million, as indicated by a source acquainted

Fintech start-up Plaid to buy competitor Quovo for $200 million in its first major deal

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  • Plaid, which joins one-fourth of U.S. financial balances to well-known fintech applications, is purchasing a comparative information organization called Quovo.
  • The arrangement is worth about $200 million, a source comfortable with the transactions, and primes Plaid to venture into the financier and riches the executive's field.
  • "Together, we'll assemble a solitary stage that designers and extensive organizations alike can use to construct any budgetary application — from installments to loaning to riches the board," Plaid prime supporters Zach Perret and William Hockey state.

Plaid reported Tuesday it will purchase a comparable start-up called Quovo for only south of $200 million, as indicated by a source acquainted with the arrangement, who asked not to be named in light of the fact that transactions were private.

Plaid's innovation joins financial balances to fintech applications like Venmo, Robinhood, Coinbase and Acorns. As of December, the San Francisco-based organization said 25 percent of Americans with financial balances had associated with Plaid through an application. The start-up as of late raised $250 million at a $2.7 billion valuation and included Kleiner Perkins accomplice Mary Meeker to its board.

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Fintech start-up Plaid to buy competitor Quovo for $200 million in its first major deal 5

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