Mobile apps now allow consumers to trade stocks and crypto (Robinhood), save money (Acorns and Qapital), and make payments (Venmo)—and most have one thing in common: Plaid. Its technology, a suite of banking APIs, enables developers to connect new digital tools to legacy financial systems. A quarter of Americans with bank accounts now use services powered by Plaid, up from 13% in January 2018. Last year, the company launched Assets to automate asset verification for loan applicants. “We’ve digitized that process so it only takes a couple of minutes,” says cofounder and CEO Zach Perret.
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