San Francisco-headquartered fintech giant Plaid is planning to increase its focus on Canada, as the country’s impending implementation of an open banking system promises to accelerate the growth of third-party financial apps and services.
Plaid powers the tools millions of people rely on to live a healthier financial life. Plaid works with thousands of companies like Venmo and SoFi, several of the Fortune 500, and many of the largest banks to make it easy for people to connect their financial accounts to the apps and services they want to use.
Plaid made Canada its first international market in 2019.
According to The Logic, the increased focus North of the border would help Plaid attract more Canadian businesses to its API software, which allows third-party apps to access data from bank accounts. Some of its most prominent customers in Canada include Wealthsimple, Shopify and Clearco.
“There’s significant action that’s happening with our customers here right now,” said Mark Sam, a Toronto-based Plaid executive who oversees financial-institution partnerships, in an interview with The Logic.
Founded in 2013, Plaid’s network covers 11,000 financial institutions across the US, Canada, UK and Europe.