Fintech firm Plaid expands into Europe

By Hazel Davis

Ireland, France and Spain targeted by fast-growing start-up after this year’s successful UK launch

                                

Fast-growing American fintech start-up Plaid has launched in three more European countries. Plaid, whose software links financial technology apps with bank accounts, is expanding into France, Ireland and Spain after its successful UK launch this year.

Founded in 2012, Plaid was valued at $2.65bn (£2.04bn) in June 2019. It has integrated with more than 15,000 banks in the US and Canada. Since its UK launch, it has won companies such as budget app Cleo and accounting app Pandle as clients.

Research firm McKinsey says investments in the fintech space grew by 29 per cent in 2018, from 46 per cent annual growth since 2014.

Plaid has said it hopes to make the most of Europe’s and the UK’s tech-friendly open banking rules and will work with Allied Irish Banks (AIB), Ulster Bank and Bank of Ireland, BBVA, Santander and Caixa in Spain and French banks Societe Generale, BNP Paribas, and La Banque Postale.

Further reading: London’s fintech sector attracts record levels of US investment in 2019

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