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A U.S.-based data aggregator that allows consumers to connect their accounts with a variety of financial institutions through one app has now added its identity verification service for Canadian organizations. Last week, Plaid Financial began offering its Identity Verification and Monitor, a global verification and know-your-customer (KYC) solution, to help digital finance apps and services ....
SHARE Visa Inc. today abandoned its $5.7 billion acquisition of financial technology startup Plaid Financial Inc. following a lawsuit from the U.S. Department of Justice challenging the deal on antitrust grounds. The deal was announced in January 2020 and the Justice Department was first reported to be investigating the acquisition in October. The probe resulted in the department announcing in November that it was suing Visa on the grounds that the deal amounts to an attempt to eliminate a nascent competitive threat in violation of both the Sherman Antitrust Act and the Clayton Antitrust Act. Founded in 2013, Plaid offers a financial application programming interface that connects apps and services with financial services. The company provides the technology that links apps and services such as Transferwise Ltd., Venmo Inc., Robinhood Markets Inc., Betterment LLC and Chime with traditional financial service providers. Although it’s not a household name, one in fou ....