Recently, we touched on how several hot European fintechs have set their eyes on the U.S. market, and now a major U.S. player is moving in the other direction across the pond. This week, Plaid said it is launching in the UK as part of a planned global expansion.
Plaid has created an application programming interface (API)-fueled platform that connects third-party fintechs—such as robo-advisors and payments budgeting apps—to bank accounts in the U.S.
The UK launch is just the beginning of what the company says is a planned international network. It’s one small step closer to creating a world where every aspect of a consumer’s financial life can be connected digitally. According to Fintech Finance, fintech supports over 75,000 jobs in the UK, and there will be an estimated 3,200 fintechs there by 2030.