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Plaid acquired its competitor Quovo for $200 million

Plaid announced on Tuesday, Jan. 8, that they have acquired their New York-based competitor Quovo Inc. to boost its software products.

Plaid is focused on democratizing financial services through technology. It provides developers with the tools they need to create easy and accessible experiences for their users. Their suite of APIs enables developers to easily build great financial products.

The company has acquired Quovo – a New York-based company. Quovo is a provider of account and data analytics technology for finance. It is a data platform that provides connectivity to financial accounts. It offers API-delivered products that enable businesses to build seamless, personalized digital experiences and more effectively transact with their customers.

Plaid said on their blog that they want to fully enable a digitally-delivered financial system as the company enters 2019. One that gives consumers convenience and control across their financial assets.

Co-founders of Plaid, Zach Perret and William Hockey said that Plaid and Quovo will build a single platform that developers and large companies alike can use to build any financial application – from payments to lending wealth management. Plaid’s Chief Technology Officer, Hockey, said that Quovo is a market leader for investment and brokerage aggregation and that they have been admiring Quovo from afar.

Terms of the deal were not disclosed but the acquisition was said to worth $200 million.