Visa’s deal to buy fintech startup Plaid faces antitrust scrutiny: WSJ

In this news, we discuss the Visa’s deal to buy fintech startup Plaid faces antitrust scrutiny: WSJ.

(Reuters) – Payment processor Visa Inc’s $ 5.3 billion deal to buy fintech startup Plaid Inc is under antitrust review by the US Department of Justice, the Department of Justice reported on Tuesday. Wall Street Journal, citing people familiar with the subject.

The Justice Department may soon decide whether it will take legal action to block the deal, according to the report.

After reviewing the planned purchase for much of this year, the ministry is concerned about limiting emerging competition in the payments industry, the report adds.

The Justice Department is also preparing for possible litigation, including lining up witnesses for a trial, according to the WSJ report.

Visa and the Justice Department did not immediately respond to requests for comment from Reuters. Plaid declined to comment.

The deal, which would boost Visa’s access to the fintech space, was announced in January.

Report by Niket Nishant in Bengaluru; Editing by Maju Samuel

Original © Thomson Reuters

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