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Plaid | Mark Sam | Jun 15, 2022
Plaid has two major announcements regarding our commitment to expanding digital finance’s positive impact on Canadian consumers and businesses. Since entering the market in 2018 – our first international market – we’ve worked with fintech companies, banks, credit unions, regulators, and industry experts to help improve financial access to the more than 37 million Canadians.
Team members across Plaid have been working to meet the digital financial needs of Canadians for years. This includes building customer relationships with partners like Wave, Drop, Lightspeed and Clearco, among others. Accordingly, we’ve also been growing our employee presence within the country to support our overall expansion.
1. Plaid has officially opened its first office in Canada
Plaid’s office is in Toronto, one of Canada’s four top 20 global fintech hubs along with Montreal, Calgary, and Vancouver. Our Canadian team supports critical functions for Plaid, including financial institution partnerships, policy, sales and account management, software engineering, and product management, among others. We can’t wait for existing and new customers, financial institution partners, and friends to visit our space just a stone’s throw from Toronto’s Financial District.
See: Billionaire Plaid co-founder launches new nationally chartered banking venture
Our financial institution partnerships – some of which are both customers and data providers – play a vital role in driving consumer access to the digital financial solutions that will enable people to lead healthier financial lives. We work closely with financial institutions to enable all consumers to benefit from digital finance. These partnerships are particularly important in Canada, where only a handful of banks have ~90% of the market share.
2. Plaid is also pleased to announce a data access agreement with RBC, the largest bank in Canada
The agreement will – for the first time – bring about secure, API-based financial access for more than 14 million RBC digital clients, who will have the ability to securely connect to the 6,000+ apps and services on Plaid’s data network. This includes 9 of the top 10 most downloaded fintech apps via Androids and the Apple App store.
See: UK Embedded Finance (Fintech Infrastructure) Fidel API Bags $65 million Series B
Plaid’s agreement with RBC, which is the 5th largest bank in North America and the 8th globally by market capitalization, adds exciting momentum to our efforts to empower all consumers with secure access and control over their own financial information so people can lead healthier financial lives. It also demonstrates how fintech-financial institution partnerships can accelerate the connectivity and interoperability that consumers want and deserve.
Continue to the full article –> here
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