January 2019 Summaries

Plaid has acquired Quovo to expand its capabilities beyond checking and savings accounts to include investment and brokerage data, aiming to make money easier for everyone by considering consumers' financial lives holistically. The acquisition brings together the leading platform for investment and brokerage aggregation used by major players in wealth management, including fintech companies like Betterment and Wealthfront, as well as established names such as Vanguard and Empower Retirement. With this move, Plaid aims to build a single platform that developers can use to create any financial application, from payments to lending to wealth management, with the ultimate goal of enabling a digitally-delivered financial system that gives consumers convenience and control across their financial assets.

In 2018, Plaid made significant strides in expanding its fintech services. The company increased its institution coverage across all products, reaching over 10,000 institutions for Transactions, 3,800 for Auth, and 3,100 for Identity. Additionally, they expanded their support to include Canadian banks such as RBC, Scotiabank, TD Canada Trust, Bank of Montreal, CIBC, Tangerine, ATB Financial, and Desjardins. Plaid also improved its Link product with features like more bank logos, better password manager support, and enhanced accessibility for visually impaired users. Furthermore, they launched their Assets product in partnership with Fannie Mae to serve the mortgage and lending industry better.