San Francisco’s financial software darling Plaid, which communicates between banks and users to facilitate safe and easy logins, has purchased New York startup Quovo.
A press release from Quovo’s site confirmed the news as the steadily rising wealth management startup joins on with Plaid. The influential Silicon Valley company has already had its security codes sold to giants like PayPal and Coinbase in offering to secure logins and transactions made digitally.
“Plaid’s leadership in bank account connectivity will now be complemented by our leading investment, insurance, and loan account coverage,” read a press release from Quovo. “Combining our platforms will create a better experience for our customers while also enabling new services to be developed that consider the full financial picture of today’s consumer.”
According to Bloomberg, although the details of the deal are private, the purchase could be worth up to $200 million.
That same report noted that in the past Goldman Sachs valued Plaid at around $500 million.
“We share a vision for a future where consumers are able to lead easier, healthier financial lives. We share a commitment to building great products that power innovation, access, and exceptional consumer experiences. We share a deep appreciation for our customers, and admire how they continue to push financial technology forward every day,” Quovo’s statement added.