Plaid’s UK expansion to help local fintech access mainstream bank accounts
Technology company Plaid today announced an expansion to the United Kingdom with technology providing fintechs access to 70 percent of the area’s personal current accounts.
From the beginning Plaid will support integrations with eight UK banks and neobanks. In a statement the company said its goal 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.”
Those partners will also benefit from Plaid’s established networks in America and Canada should they wish to expand.
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 ledged to hire more than 25 workers over the next few years.
“We’ve long admired the innovation coming out of the UK fintech sector,” Plaid cofounder and cEO Zach Perret said. “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.”