US data sharing venture Plaid launches in the UK

Plaid, a US startup that links consumer bank accounts with fintech apps, has launched in the UK.

As consumers increasingly look to share their bank data with third party apps, Plaid has grown into a multi-billion dollar company in just a few years. In December, amid rumours of a bidding war, it closed a $250 million Series C round at a $2.65 billion valuation.

The startup has focused on helping financial applications interact with checking and savings accounts, striking deals with big banks such as JPMorgan Chase and fintechs including Robinhood and Acorns.

The company claims that a quarter of US consumers with bank accounts have connected to Plaid through an app.

For the UK launch, Plaid is initially supporting integrations with eight of the UK’s biggest banks and neobanks, giving British fintech businesses instant access to 70% of personal current accounts in the country. It has also struck deals with two customers, including money-management app, Emma.

Hoping to replicate its success in the US, the company is opening a UK office to support European expansion and planning to hire 25 staff locally by 2020.