Plaid was founded in 2013 by Zach Perret and William Hockey. The pair originally attempted to build consumer financial management products, including budgeting and bookkeeping software. When confronted with difficulties in connecting bank accounts required for these tools, they decided to pivot their core business focus to a unified banking API.
- It allows communication between banks and financial apps more efficient
- If you want to make transfers or payments (Sezzle) it will come in between those transactions keeping your personal banking information and information safe and secure.
- Stripe
- Codat
- Xignite
- Dwolla
- It's an API that stores your login credentials from your bank and keeps it safe. Anytime you are asked for the information (earnin) Plaid sort of steps in and saves the day. That way your personal details are safe and secure.
- It’s considered a FinTech company because of the simple fact that it uses technology to make the communication efficient between two separate entities (bank and a financial service application)
- It’s user friendly and developer friendly
- It connects to thousands of financial institutions
- Goal/claim is that they would be able access and authenticate accounts in every bank or credit union in the country
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- Transactions Auth Balance Identity _confirmation Investments - balances and transactions for brokerages Assets - financial snapshot for loans Liabilities- access customer loan data