The proposed $5.3 billion deal was originally reported in January of 2020, but the Department of Justice filed an anti-competition lawsuit to block it a few months later in November. Ultimately, it was called off voluntarily due to the “complex litigation” surrounding the acquisition.
“While the Visa-Plaid deal was merely a single transaction, its scuttling doesn’t bode well for other fintech startups and unicorns that might have eyed an exit to a wealthy incumbent,” according to the article.