Fintech company Plaid acquires peer Quovo

(Reuters) – the U.S. fintech company Plaid Inc said on Tuesday it had acquired New York-based peer Quovo Inc to boost its portfolio of software products that connect with banks with a fintech apps.

The value is set at just under $200 million, CNBC reported, citing a source familiar with the deal.

Quovo and Plaid declined to comment on the value.

San Francisco-based Plaid makes software platforms for consumers of fintech companies to connect with their banks and transact through the application program interface (API).

Plaid customers are popular apps such as Venmo and Robinhood.

The fintech company has received investments from financial big wigs, such as Goldman Sachs group Inc., American Express Co. and Citigroup Inc.

Quovo also develops platforms, similar to Plaid and counts SoFi, Stifel, Vanguard, Empowerment of the Retirement, and John Hancock among its customers.

“If we are in 2019, we want to fully enable a digitally delivered financial system, that provides consumers the convenience and control over their financial assets,” Plaid said in a blog post on its website.

Reporting by Diptendu Lahiri in Bengaluru; Editing by Shinjini Ganguli

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