Plaid is getting some northern exposure.
The San Francisco financial technology infrastructure provider said it is expanding sales of its full application programming interface suite into Canada. This includes electronic funds transfer authentication and Auth endpoint.
As a part of the expansion, Plaid says it has added coverage for the largest Canadian financial institutions, including Royal Bank of Canada, TD Canada Trust, Bank of Montreal, CIBC and Scotiabank. The fintech already provides support for cross-border institutions such as American Express and Capital One.
“For the past few months, we've been running in beta in Canada with a number of customers, including Drop and Wave,” Zach Perret, co-founder and CEO of Plaid, said in a press release Tuesday. “Now, we’re excited to open up access to Canadian institutions to everyone, whether you’re thinking about building products specific to Canada or expanding across the border.”
Plaid's main business is connecting user bank accounts to financial applications. The Canadian expansion is the beginning of Plaid’s effort to provide services worldwide, Perret said.
“Since our launch, Plaid has allowed Drop to connect directly with consumers, which allows Drop's members to spend and earn rewards seamlessly," Drop CEO Derrick Fung said in the release. "Plaid's launch in Canada is very exciting because it will help to improve the integrations Drop has with Canadian financial institutions.”
Rick Yang, partner at the venture capital firm NEA, an early Plaid investor, said in the release: “We’re in the midst of a global revolution in financial services due to the symbiotic relationship between modern technology and existing financial institutions. Plaid is central to this new-age fintech ecosystem and has strengthened its position as an enabler of innovation worldwide with its expansion into Canada.”
