Plaid continues European expansion by launching in the Netherlands

Despite coronavirus putting uncertainty on a lot of businesses, open banking platform Plaid is launching operations in the Netherlands.

In conjunction with the new funding, the company is opening an office in Amsterdam, marking its second overseas office. The US-headquartered company launched its operations in the UK late last year, and is looking to open in more countries across Europe.

Plaid chose to release its services in the Netherlands in a bid to join its growing FinTech hub, which sees it house over 400 companies. To support the industry growth, financial institutions in the country can leverage its services to implement digitised services for transactions, identity, authentication, balance and assets.

In a statement announcing the news said, “Moments of global turbulence like the one we’re currently facing underscore the importance of our work in digitizing finance.

“Similar to how fintech emerged from the 2008 global financial crisis, we hope that Plaid can serve as a platform for new innovations to emerge in this trying time for us all. For existing customers, we’ve made it easy for you to expand to the Netherlands through your existing Plaid integration. If you’re new to Plaid, please contact our team to get access today.”

When the company launched in the UK, it said it was seeking more partners so it can continue to enhance its offerings for customers. This can be a startup looking to release an innovative solution, or a large enterprise wanting to access FinTech solutions.

Plaid was recently acquired by payments giant Visa in a deal worth a colossal $5.3bn. Visa completed the deal to access new market opportunities in the US and across the world.

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