Dead fintechs don’t wear Plaid
San Francisco-based fintech app provider Plaid is expanding to Canada as its first international market.
The firm, which enables applications to connect with users’ bank accounts, was founded in 2013 and has got the backing of some big names. These include Goldman Sachs, Amex, Citi and Google Ventures. About two years ago it got a handy $44 million in funding led by Goldman Sachs.
Because of the way it works it tends to sit in the background a bit, which is unusual in the fintech arena where everyone is screaming like a drunken banshee in the desire to be heard.
The firm says: “Consumers who have ever used an app to manage any aspect of their finances have most likely used Plaid – even if they didn’t know it.”
Some of its users include cryptocurrency exchange Coinbase, robo-advisors Betterment and Wealthfront, trading app Robinhood and PayPal’s digital wallet Venmo.
In its latest development, Plaid says this launch extends its full API suite to Canada, including EFT authentication via its Auth endpoint.
The company has added coverage for financial institutions including Royal Bank of Canada, Scotiabank, TD Canada Trust, Bank of Montreal, CIBC, and Tangerine; and support cross-border institutions such as Amex and Capital One.
In addition, Link now has full native support for these institutions on both web and mobile.
For the past few months, Plaid has been running in beta in Canada with a number of customers, including Drop and Wave.
Today (22 May), it reveals that it has opened up access to Canadian institutions to everyone, whether building products specific to Canada or expanding across the border.
To access Canadian institutions, existing customers can toggle on coverage in Plaid’s dashboard.