January 2021 Summaries

Plaid has introduced a new product called Deposit Switch, currently in beta, which aims to make it faster and easier for users to establish or change the destination of their paychecks. By automating direct deposit account funding, banks can optimize their account funding flows and increase customer lifetime value. The product offers both instant and fallback methods for users setting up recurring account funding. Plaid Deposit Switch has received positive feedback from beta partners such as Lili and Yotta.

Plaid has launched Plaid Accelerate, a nine-month incubator program designed to support early-stage founders who are Black, Indigenous, or People of Color (BIPOC) in launching their businesses. The program aims to empower entrepreneurs and innovators by providing access to resources, networking opportunities, discounted services, and pitch practice. Participants will also receive ongoing mentorship and support through dedicated account managers, skillshare networks, mentorship from Plaid leaders, and a community space to network and learn from other entrepreneurs in the program. The goal of Plaid Accelerate is to build a more thriving and diverse fintech ecosystem that serves all communities by unlocking financial freedom for everyone.

Evelyn Chan is a leader of Plaid's accounting team, responsible for facilitating the flow of money into and out of the company. Her work impacts millions of people who rely on Plaid's financial tools to achieve their goals. Evelyn values diversity and inclusion at Plaid, citing initiatives such as Employee Resource Groups and virtual "new hire coffee chats" that foster a positive workplace culture. She admires the company's commitment to progress over perfection and its efforts to improve through pulse surveys, Diversity and Inclusion meetings, and Q&A sessions during All Hands. Evelyn credits her cautious childhood with giving her a sense of adventure, which she has nurtured through experiences like learning to bike at 28. Her favorite quote from Maya Angelou emphasizes the importance of finding common ground and being compassionate towards others. Throughout her journey, Evelyn has grown alongside Plaid's rapid expansion, from under 60 people to nearly 600 employees, and values her role in building a strong team and driving growth.

We are terminating the pending acquisition by Visa, instead choosing to remain an independent company. Since founding 8 years ago, we've been focused on expanding access and improving financial outcomes for consumers, developers, and institutions. The pace of a multi-year regulatory review is not compatible with our fast-moving realities as a startup, and delaying close another year or more isn't in the best interest of our customers, the financial system, or consumers. Despite this, we've experienced exciting growth, with hundreds of new banks joining our platform and over 4,000 companies turning to us for digital financial support. We're committed to delivering on open finance, working closely with customers and institutions to bring it globally, and expect 2021 to be more of the same in terms of growth and expansion.

The shift to APIs in financial access is driven by widespread consumer fintech adoption, increased regulatory interest, and the rise of technical standards. As a result, financial institutions are adopting APIs like Plaid Exchange to power data sharing for their customers, enabling more reliable access to their financial data. This transition reflects a new era for financial access, one in which consumers can expect robust, reliable, and consistent access to their financial data, ultimately driving the ecosystem towards greater consumer impact and innovation.