U.S. sues Visa to block its acquisition of Plaid

Visa accused to be a monopolist in online debit transactions

The U.S. government on Thursday filed a lawsuit seeking to block Visa Inc V.N from purchasing the financial technology company Plaid.

In a complaint filed with a federal court in San Francisco, the government called Visa “a monopolist in online debit transactions,” and said the proposed acquisition “would eliminate a nascent competitive threat” to that monopoly.

Visa said in January it had agreed to buy privately held software startup Plaid Inc in a $5.3 billion deal aimed at boosting the payments giant’s access to the booming financial technology sector.


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