Plaid, a U.S.-based fintech startup, announced on Tuesday it has acquired data platform Quovo. According to Plaid, acquiring Quovo will make it easier for developers to build products that incorporate investment and brokerage data on its platform. It was revealed:
“Financial applications have historically used Plaid primarily to interact with checking and savings accounts. In acquiring Quovo, we are extending our capabilities to a wider class of assets. Our goal is to make money easier for everyone, and doing so requires that we consider consumers’ financial lives holistically. We’re excited to work with the Quovo team to enable this.”
Plaid also revealed that Quovo has built the leading platform for investment and brokerage aggregation, used by many of the biggest names in wealth management. Plaid then noted that by acquiring Quovo, it will build a single platform that developers and large companies alike can use to build any financial application, from payments to lending to wealth management. Plaid added:
“2018 was a year of immense growth for financial technology. As we enter 2019, we want to fully enable a digitally-delivered financial system—one that gives consumers convenience and control across their financial assets. We are thrilled to welcome the Quovo team, their customers, and their partners into the Plaid family and look forward to building the future of financial services together.”
