Goldman-backed fintech Plaid acquires Quovo in wealth management play

Plaid announced it’s acquired Quovo to make it easier for developers to build products that incorporate investment and brokerage data into fintech applications.

Financial applications have historically used Plaid primarily to interact with checking and savings accounts. In acquiring Quovo, the company said it is extending capabilities to a wider class of assets. Quovo has a platform for investment and brokerage aggregation, used by traditional and digital wealth management firms such as Betterment, Wealthfront and SoFi, as well as Stifel and Vanguard.

“Together, we’ll build a single platform that developers and large companies alike can use to build any financial application — from payments to lending to wealth management,” Plaid co-founders, Zach Perret and William Hockey, wrote on the company’s blog.

CNBC reported that the acquisition was valued at $200 million, and described Quovo as a fintech competitor. Plaid has backers from tier 1 banks such as Citi and Goldman Sachs and raised $250 million in its latest funding round late last year, valuing the company at some $2.7 billion according to various media reports.

Read the blog post

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