Plaid Pulled Plug on Visa Deal Over Price, Not Antitrust Concerns

Visa will no longer be buying fintech upstart Plaid, as the companies on Tuesday announced the "mutual termination" of the $5.3 billion agreement that was signed one year ago and opposed by U.S. antitrust regulators. From a report: This is more about the rising value of fintech companies than it is about the U.S. Justice Department. It also turns Plaid into a very appealing target for growth equity investors, IPO bankers and SPAC sponsors. DOJ sued to block the deal in November, claiming it would eliminate Plaid's future ability to compete in the online debit market, thus giving Visa a monopoly. Visa said it would vigorously defend itself, in part because Plaid has no online debit products nor any in the pipeline. Visa also sought an expedited process to begin in the spring, whereas DOJ sought a December trial. The two sides met just before the holidays, but I'm told that DOJ would only agree to split the difference.

Anti Trust is completely unenforced

[rsilvergun]

the only reason we're hearing talk of enforcing it on Google, Facebook, Twitter, et al is the powers that be want to take control of the Internet away from them. It's the same reason they're attacking Net Neutrality and Section 230.

If the people in charge understood what the Internet was they never would've let us have it. Now they're moving to take it back. And the worst thing is we're letting them.

Fintech

[nuckfuts]

For God's sake, let us not normalize the word "fintech".

Re:

[drinkypoo]

In short, yes.

The name is stupid. It could mean any number of things. That makes it bad. Names need to be both unique and meaningful to be maximally useful.

So ...

[nospam007]

Polka Dots and Stripes win?

what the fuck is fintech?

[drinkypoo]

Swim fins are pretty good already

Re:

[skoskav]

A company developing new technology in the financial market. Just like what biotech companies are doing for bio-sciences.