Bankable, a UK-based banking as a service platform, announced on Wednesday it has formed a new partnership with U.S. fintech Plaid. Bankable reported that the partnership will allow its customers the ability to use Plaid’s technology to connect with their users’ bank accounts worldwide.
While sharing more details about the partnership, Eric Mouilleron, CEO and Founder of Bankable, stated:
“Like Bankable, Plaid is a fintech enabler providing an infrastructure as a service to power various business cases in lending, personal / business finance, consumer payments. Plaid and Bankable are both focused, since inception, on democratising financial services through technology. This reciprocal global partnership will help us to provide more services to our respective banking and fintech clients.”
Lowell Putnam, Head of Partnerships at Plaid, added:
“The infrastructure of financial services was not built for the digital demands of the industry today. Fintech companies and new digital-first banks offer consumers the tools and services they demand, but much of the existing bank technology core infrastructure hasn’t evolved along with these new customer needs. Providers like Bankable offer both fintech companies and financial institutions a platform to bring new products to market and meet shifting consumer demands, much more quickly than the legacy infrastructure allows.”
The partnership with Bankable comes just days after Plaid announced it is being acquired by multinational financial services giant, Visa. As previously reported, Visa will pay total purchase consideration of $5.3 billion through the acquisition. Visa then noted its acquisition of Plaid represents both an entry into new businesses and complementary enhancements to Visa’s existing business.
“Connectivity between financial institutions and developers has become increasingly important to facilitate consumers’ ability to use fintech applications. 75 percent of the world’s internet-enabled consumers used a fintech application to initiate money movement in 2019 versus 18 percent in 2015. Plaid has been a leader in enabling this connectivity at scale. Today, one in four people with a U.S. bank account have used Plaid to connect to more than 2,600 fintech developers across more than 11,000 financial institutions.”