As we have reported before; Plaid, a fintech company that Visa purchased for $ 5.3 million; entered the litigation process due to data breach. In the lawsuit filed against the company in the state of California, USA, the charges were made with the allegation that he was selling sensitive information.
World-renowned payment giant Visa bought Silicon Valley venture Plaid in early 2020 for $ 5.3 billion. However, the lawsuit was filed against the company, citing the financial information of millions of users for violating data privacy.
In the lawsuit filed in the State of California on June 25, plaintiffs, by accumulating the financial transactions of millions of users and making money from it; alleges that it violates privacy and data protection protected by federal law.
The plaintiffs also collected this data from the company; They also claimed that Square’s Cash App has been stored with “data plumbing” services such as Venmo, Stripe and Robinhood.
As of December last year, the fintech company stated that one out of every four people with a bank account in the USA was connected to them through an application. Other names that can be called the early investors of the company are; Visa, Goldman Sachs, Mastercard, Citi and American Express were venture arms.