January 8, 2019 / 3:18 PM / a year ago

Fintech company Plaid acquires peer Quovo

(Reuters) - U.S. fintech company Plaid Inc said on Tuesday it had acquired New York-based peer Quovo Inc to boost its portfolio of software products that connect banks with fintech apps.

The deal value was set just under $200 million, CNBC reported, citing a source familiar with the deal.

Quovo and Plaid declined to comment on the deal value.

San Francisco-based Plaid makes software platforms for consumers of fintech companies to connect with their banks and transact through application program interface (API).

Plaid customers include popular apps such as Venmo and Robinhood.

The fintech company has received investments from financial big wigs such as Goldman Sachs group Inc, American Express Co and Citigroup Inc.

Quovo also develops platforms similar to Plaid’s and counts SoFi, Stifel, Vanguard, Empower Retirement and John Hancock among its customers.

"As we enter 2019, we want to fully enable a digitally-delivered financial system, one that gives consumers convenience and control across their financial assets," Plaid said in a blog bit.ly/2CWWXn6 post on its website.

Reporting by Diptendu Lahiri in Bengaluru; Editing by Shinjini Ganguli

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