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Visa has agreed to pay $5.3 billion to acquire financial technology startup Plaid, the companies Monday.

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The acquisition, first reported by , comes after Plaid raised more than in total funding and touted a valuation of , according to Crunchbase. Visa was previously an investor in Plaid.

Plaid helps power other well-known fintech startups like , and . The company, which was founded in 2013 and is based in San Francisco, attracted venture dollars from investors like and . It last raised money in December 2018, when it closed a $250 million Series C round.

鈥淰isa鈥檚 acquisition of Plaid represents both an entry into new businesses and complementary enhancements to Visa鈥檚 existing business,鈥� the company said in a statement.

鈥淔irst, Plaid鈥檚 fintech-centric business opens new market opportunities for Visa both in the U.S. and internationally. Second, the combination of Visa and Plaid provides the opportunity to deliver enhanced payment capabilities and related value-added services to fintech developers. Finally, the acquisition will enable Visa to work more closely with fintechs through all stages of their development and drive growth in Visa鈥檚 core business.鈥�

Plaid marks Visa鈥檚 first acquisition this year following a busy year in 2019. The payment network made last year. That鈥檚 the most acquisitions in a single year for Visa, according to Crunchbase (you can read more about Visa鈥檚 acquisition history here). It most recently bought in July, and also acquired ., and .

Visa鈥檚 acquisition strategy is continuing to go after the hot fintech space. While we don鈥檛 know the prices of Visa鈥檚 last four acquisitions, Plaid鈥檚 price tag of $5.3B and unicorn status gives us some insight into how big of a deal this really might be.

Correction: An earlier version of this article incorrectly reported Plaid鈥檚 total funding as $353 million. The corrected version above reflects the accurate amount of $310 million.

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