Plaid, the technology company providing developers access to the world’s financial network, has launched in the UK. Aiming to support further growth in the fintech sector, Plaid has already launched with two customers, including money-management app, Emma.
At launch, Plaid will support integrations with eight of the UK’s biggest banks and neobanks, giving British fintech businesses instant and reliable access to 70% of personal current accounts in the country. As part of its commitment to the UK, Plaid is planning to hire over 25 people locally by 2020 and has opened a UK office.
Plaid’s ambition is to provide UK fintechs with a fully inclusive platform that delivers the uptime and speed consumers expect, regardless of where they bank or if they are using a start-up app or an established service with millions of users. With a comprehensive network in the US and Canada, Plaid will also offer an easy path for international expansion to UK fintechs.
According to HM Treasury and the Department for International Trade, fintech is one of the strongest tech pillars of the UK economy. In 2018 alone, $3.3 billion was invested in the sector and the latest estimates suggest that it is supporting over 75,000 jobs across the UK. It is estimated that the number of fintechs in the UK will more than double by 2030 from the 1,600 that exist today.
Plaid’s tools enable developers to easily create great financial products for consumers. In the US, it powers the most popular fintech services like Venmo, Acorns and Coinbase.
Zach Perret, co-founder and CEO at Plaid, said: “We’ve long admired the innovation coming out of the UK fintech sector. The commitment to enabling consumers to live fully digital financial lives is palpable and the progress impressive. We’re excited to launch in the UK to both deliver on the promise of Open Banking and help drive velocity for the applications that are making money easier for everyone.”
Launched in 2012 in the US, Plaid now integrates with 15,000 US banks. In the U.S., 80% of the largest fintech companies rely on Plaid’s infrastructure to operate and 25% of U.S consumers with a bank account have used Plaid to connect to the fintech apps they rely on to live a healthier financial life. Canada became Plaid’s second launch market in 2018.