Silicon Valley fintech opens London bureau despite Brexit

Mark Johnson's picture
by Mark Johnson

A US fintech startup called Plaid, which operates a plaform for financial transactions and data transfer, said it’s opened up for business in the UK despite the uncertainty around Brexit.

“Today, we’re excited to announce that we’re taking the same approach to building a fully inclusive financial system in Europe, starting with the UK”, the company said on its website.

“The UK fintech community is thriving”, it added. “It’s one of the fastest growing sectors in the UK economy and has produced more than 1,600 fintech companies, a number that is expected to double by 2030. 

Plaid‘s platform allows developers to create financial services applications, the most popular being mainly current account and savings account features. 

$250m in VC funding

The company, which recently completed a $250m venture capital fundraiser, is branching out into new markets and recently acquired Quovo, which created a platform for investment and brokerage aggregation.

“As we’ve done in the US, Plaid will become the foundation for that growth by providing access to a financial network that allows developers to deliver the experience users expect from their financial apps.”

Plaid said it now supports Transactions, Identity, Auth, Balance, and Assets in the UK. Also, as a registered AISP, it can  give fintech businesses instant and reliable access to the most popular banks and neobanks, with more on the way. 

“This is just the starting line”, the firm said. “We’re building a financial network that will deliver on the promise of open banking with the best in both local expertise and global opportunity.

Plaid’s move comes amid turmoil in the UK’s decision to leave the European Union. The country was due to exit the trading block at the end of March, but the process has been delayed.

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