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M&A
Plaid acquires Cognito for USD 250 million
FinTech Infrastructure
Jan 20, 2022
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FinTech Infrastructure

FinTech Infrastructure

Jan 20, 2022

Plaid acquires Cognito for USD 250 million

M&A

  • Plaid, a diversified FinTech infrastructure provider, has acquired the identity verification and compliance platform Cognito for USD 250 million. Through this, Plaid aims to improve the onboarding experience it offers its developers, which includes identity verification, account connection, and account funding.

  • Plaid will bring aboard all of Cognito’s staff (including its three co-founders, and Plaid’s 5,500 clients will gain access to Cognito’s technology as an optional add-on. 

<ul><li> Analyst QuickTake: The acquisition comes shortly after the company raised an undisclosed extension to its Series D funding in August 2021. Notably, this is Plaid’s first major acquisition since its deal to be acquired by Visa fell through in January last year, after which the company raised funding in April 2021 at a valuation of USD 13.5 billion (more than twice the USD 5.3 billion proposed for the Visa acquisition).</ul>

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