Plaid, a San Francisco, CA-based fintech company building a platform which enables applications to connect with users’ bank accounts, acquired Quovo, a NYC-based provider of a platform for investment and brokerage aggregation.
The amount of the deal was disclosed.
With the acquisition, Plaid will allow developers to build financial applications – from payments to lending to wealth management – that incorporate investment and brokerage data.
Quovo provides a platform for investment and brokerage aggregation to big names in wealth management including both fintech companies, such as Betterment, Wealthfront and SoFi, as well as established names in wealth management, such as Vanguard, Empower Retirement, and John Hancock.
Following the close of the deal, the Quovo team (led by Lowell Putnam – CEO) customers, and partners will join Plaid.
Led by Zach Perret & William Hockey, Plaid started out by building the technical infrastructure APIs that connect consumers, traditional financial institutions, and developers and later added key insights to the data access they provide with a suite of analytics products.