Plaid has officially opened an office in Toronto, Canada as it aims to expand its presence in the market.
Simultaneously, Plaid announced an agreement with RBC to access data. According to a blog post:
“The agreement will – for the first time – bring about secure, API-based financial access for more than 14 million RBC digital clients, who will have the ability to securely connect to the 6,000+ apps and services on Plaid’s data network. This includes 9 of the top 10 most downloaded Fintech apps via Androids and the Apple App Store.
Plaid’s agreement with RBC, which is the 5th largest bank in North America and the 8th globally by market capitalization, adds exciting momentum to our efforts to empower all consumers with secure access and control over their own financial information so people can lead healthier financial lives. It also demonstrates how fintech-financial institution partnerships can accelerate the connectivity and interoperability that consumers want and deserve.”
Plaid entered the Canadian market in 2018 and is its first international market. Other Canadian customers include: Wave, Drop, Lightspeed and Clearco.
Plaid noted that the Canadian market is dominated by just a few banks with 90% of the market and thus partnerships like the one with RBC are vital. Plaid has emerged as one of the leading open banking platforms in the world.