Plaid Buys Cognito As It Moves Beyond Merely Connecting Accounts

TechCrunch

Plaid , a fintech unicorn known for its APIs that connect consumer bank accounts to financial applications, announced today that it is buying Cognito . The price is around $250 million, paid in a blend of cash and stock TechCrunch understands, though we couldn’t suss out the exact mix of each…Cognito is an interesting buy for Plaid, offering verification services for the fintech world, which is distinct from what its acquirer is best known for. In practice, Cognito offers ID verification, along with help with thorny issues like know your customer (KYC) rules, and anti-money laundering requirements.”