In addition, Mr. Kelly said, “We are focused on accelerating our business by advancing our broader strategy and continuing to drive Visa’s three growth pillars: consumer payments, new flows, and value-added services. We have great momentum to build upon… We have great respect for Plaid and the business they have built and look forward to our continued partnership.”
On the other hand, Plaid co-founder and CEO Zach Perret commented, “While Plaid and Visa would have been a great combination, we have decided to instead work with Visa as an investor and partner so we can fully focus on building the infrastructure to support fintech.“
A victory for American consumers and small businesses
Meanwhile, the DOJ confirmed that it a Joint Stipulation of Dismissal in response to Visa and Plaid’s decision to terminate their merger agreement.
The Justice Department’s Antitrust Division Chief Makan Delrahim called it a “victory for Americans consumers and small businesses.”
Delrahim also stated, “Now that Visa has abandoned its anticompetitive merger, Plaid and other future fintech innovators are free to develop potential alternatives to Visa’s online debit services. With more competition, consumers can expect lower prices and better services.”
