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Havish Gupta
Figuring Out • 5m
This Company Powers PayPal and Stripe! But How? So the story starts in 2013, when Zach and William tried to build consumer financial management app, including a budgeting and bookkeeping software. However, they soon realized a much bigger problem: And it's that it’s very difficult to connect with bank's servers for various tasks. This led them to pivot and focus on solving that problem by working on bank APIs. And that’s how Plaid was born! Plaid is an API company that provides access to a range of tools such as bank account linking, balance checks, bank-to-bank payments, identity verification, credit score checking, and much more. It’s like an all-in-one solution for devs, providing everything they need for working with banking and financial services. Plaid’s seamless experience is the reason why even multi-billion dollar startups like Stripe and PayPal use Plaid’s API for their services. And thus what started as a budgeting app with $2.8 million in seed funding is now valued at $13.4 billion, with revenue exceeding $300 million. Its currently operational primarily in North America and Europe. Visa also attempted to acquire Plaid for $5.3 billion, but the deal was blocked due to U.S. competition regulations. Can such company rise in India As well? What do you think?
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