What is the Plaid settlement? Plaid has technology that allows people to connect their bank accounts to around 5,000 different popular apps, including payment apps, savings apps, and crypto apps. Some of these apps include Venmo, Coinbase, Wells Fargo, and American Express.
What is the Plaid lawsuit?
Plaid, a service that connects bank accounts to apps, has settled a $58 million class-action suit for allegedly collecting excess user data. Plaid, a service that connects bank accounts to finance apps like Venmo, has settled a $58 million class-action lawsuit after allegedly fraudulently collecting excess user data.
How much is Plaid paying its clients?
As a result, it will pay $58 million to all those consumers who have linked a bank account to any of Plaid’s 5,500-plus client apps, which include popular services like American Express, Venmo, Robinhood, Coinbase, and Betterment.
What does the Plaid settlement mean for Venmo?
As part of the settlement terms, Plaid will minimize the collection of user data when it connects users’ accounts to apps like Venmo, which already has privacy concerns. The settlement established an app lookup portal to view what apps have been affected by Plaid’s data collection.
What is Plaid's $58 million settlement?
OAKLAND, Calif. (CN) — A federal court judge on Wednesday approved banking app Plaid's $58 million privacy class action settlement after consumers claimed the company had harvested and sold their financial data without consent.
What bank accounts use Plaid?
Plaid supports most major bank institutions like Chase, Wells Fargo, Bank of America, as well as smaller banks and credit unions.
What companies work with Plaid?
Venture capital-backed Plaid links your bank account to fintech apps like Venmo, Robinhood, Coinbase, Betterment and Acorns.
What bank is Cash App on Plaid?
Lincoln Savings BankThe Cash App platform works through Lincoln Savings Bank as the primary financial institution to connect with Plaid. However, the payment partnership service works with almost every financial institution in the country; it connects with more than 10,000 banks, and some of them are as follows: Acorns.
Does PayPal use Plaid?
Plaid, one of our third party connectors, can help you get your expenses automatically imported from your bank accounts, credit cards, and PayPal accounts (Crypto, Investment, Loan and Line of Credit accounts will not be imported).
What big companies use Plaid?
A company called Plaid powers some of the most common financial apps found on your phone. Venmo, American Express, Capital One, Ally Financial, Wells Fargo and many more use Plaid.
Who are plaids customers?
Plaid has over 5,500 customers, including PayPal Holdings (PYPL), Robinhood Markets (HOOD), SoFi Technologies (SOFI), and Coinbase (COIN).
Does venmo use Plaid?
Plaid is a fintech company used by more than 4,500 companies to connect users to other third-party financial applications. This includes Venmo, Acorns, Betterment, and many other fintech companies. When you use Plaid with a third-party application, you authenticate using your login credentials directly with your bank.
Who is Plaid's competition?
We have compiled a list of solutions that reviewers voted as the best overall alternatives and competitors to Plaid, including Stripe Connect, MX, Codat, and Lightico.
Venmo users are eligible for the Plaid settlement
Plaintiffs in the Plaid class action lawsuit claimed that Plaid unlawfully used data obtained on consumers. The company is alleged to have exploited its position to obtain user login information and sell transaction histories.
How can individuals file a claim for the Plaid settlement?
Consumers who can receive a payment from the settlement include users of financial accounts that were accessed by Plaid. Plaid must have accessed one or more of your financial accounts or obtained your login credentials between January 1, 2013, and November 19, 2021. You must also have been a U.S. resident at that time in order to file a claim.
Is Plaid publicly traded?
Plaid has been through some ups and downs, namely with a failed Visa merger in 2021. Plaid isn’t publicly traded, although an IPO is still a possibility. In December 2021, Crunchbase named Plaid as one of 30 startups it deemed likely to go public in 2022. Other fintech firms named in that piece included Klarna, Chime, and Stripe.
