Plaid's Quovo Acquisition Bearing Fruit

Following its eyebrow-raising acquisition of Quovo, Plaid revealed Thursday what it has been engaged on with the tech and group of Quovo. The corporate introduced its Investments API, a software that gives knowledge on account balances, holdings and transactions, based on the agency. 

The brand new product gives “an in depth profile of the holdings in an account” and “perception into transactions,” both individually or in tandem, based on Jesse Dhillon and Derlen Chiu, product managers at Plaid. “With connectivity to funding accounts, Plaid can serve an entire new set of use instances to allow builders, know-how platforms, and monetary establishments to ship extra insightful and compelling merchandise,” they famous. With a nod to the monetary advisors and distributors who relied on Quovo when it was a standalone firm, Plaid stated the brand new software will permit advisors “robo or human” to supply “extra holistic” recommendation and higher projections. 

In an interview with TechCrunch, Lowell Putnam, head of partnerships at Plaid and former CEO and co-founder of Quovo, stated that “the origins of the product” got here from the corporate he co-founded. “We realized that now we have the chance to deliver Quovo’s funding knowledge experience into the Plaid API stack,” he added. These developments have been accelerated by the acquisition. 

The product gives connectivity for 19 completely different account sorts, together with a dozen sorts of retirement accounts in addition to 529s, inventory plans and HSAs.