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This Week in Startups

The future of fintech with Plaid CEO Zach Perret | E1818

Sep 28, 2023
01:00:23
Snipd AI
Plaid CEO Zach Perret shares details about the canceled merger with Visa, Plaid's origin story, and tactics for growing a community within a customer base.
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Podcast summary created with Snipd AI

Quick takeaways

  • Plaid's canceled merger with Visa strengthened the company, leading to its transformative and independent path.
  • The future of payment systems is focused on faster, more efficient, and secure transactions, potentially reducing fees.

Deep dives

The Evolution of Plaid and the Importance of Financial Ecosystems

Plaid, a B2B company focusing on helping consumers live better financial lives, has become an integral part of the financial technology ecosystem. By providing the infrastructure that enables FinTech companies to interact with bank accounts, Plaid has connected with over 12,000 financial institutions. Their customers range from large banks to FinTech startups, creating a multi-sided ecosystem that promotes innovation and increases options for consumers. Plaid is also involved in identity verification and risk and fraud analytics, ensuring security and privacy within the ecosystem. The development of instant bank-to-bank payment systems like UPI in India and FedNow in the US is paving the way for faster and more seamless transactions. These systems offer advantages such as speed, safety of funds, and potentially lower fees, ushering in a new era of innovation and convenience in the banking industry.

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