Payment giant Visa has given up buying fintech startup Plaid. This is stated in a joint message.
The companies terminated the agreement following a US Department of Justice lawsuit in November 2020. According to the department, the deal, worth $ 5.3 billion, violates antitrust laws and allows Visa to eliminate a competitive threat in the electronic payments market.
Plaid co-founder Zach Perret said Visa will partner with the startup as an investor and partner.
The Ministry of Justice welcomed the companies’ refusal to merge.
“With more competition, consumers will be able to count on lower prices and better services,” the statement said.
Recall that in August 2020, the British antitrust regulator approved an agreement between Visa and Plaid.
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