Open banking platform Plaid hires UK PR agency

Plaid, a US-based 'open banking' company that recently received new investment, has hired Engine MHP as its comms agency for the UK and Europe.

Engine MHP said its focus will be "building understanding around both Plaid's proposition and the power of open finance among existing providers, new market entrants and policy and regulatory stakeholders". The agency will service the account across both its financial services and public affairs practices.

Plaid's platform enables applications to connect with users’ bank accounts in a secure way. Headquartered in San Francisco and founded in 2013, the company's network covers 11,000 financial institutions across the US, Canada and Europe.

Earlier this month, Plaid announced a $425m funding round with investors that reportedly put its valuation at $13.4bn. It followed an aborted attempt by Visa to buy the business earlier this year.

Keith Grose, head of international at Plaid, said: "Fintech is the new normal for most people and the inevitable future of a digital and connected financial system. While examples of digital finance are everywhere today, the true transformation is just getting started. We’re excited to work with Engine MHP to help companies in the UK and across Europe understand what is possible through Plaid and our partners."

Engine MHP head of financial services Nick Woods, who will lead the account, said: "We’re delighted to have been appointed by Plaid at such an exciting period in its growth. The business is a true market disruptor, powering industry innovation at a time when many established incumbents and new market entrants are recognising the power of open finance to meet a changing set of post-pandemic financial needs. We thrive on telling the bigger stories shaping the sector and Plaid is at the forefront of this."

MHP's other fintech clients include cryptocurrency platform Coinbase, banking platform Curve, Turkish 'neobank' Papara, and investment firm Reech Corporation Group.

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