Plaid, a bank-account-linking data aggregator used by thousands of fintech apps, discloses in its End User Privacy Policy that the data it collects, uses, and shares depends on which Plaid product an end user or a connected app relies on, and states that it does not sell financial data to third parties for marketing or advertising purposes. The company's historical data practices were the subject of a consolidated federal class action (In re Plaid Inc. Privacy Litigation) that resulted in a 2022 $58 million settlement and court-ordered changes to data minimization, retention, and consumer disclosure practices; separately, a planned 2020 acquisition by Visa was abandoned in 2021 after a DOJ antitrust challenge, leaving Plaid an independent company.
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The consolidated Plaid privacy class action alleged that Plaid obtained more financial data through its Plaid Link interface than was needed by the connecting app.
Plaid's End User Privacy Policy states that the specific data collected, used, and shared depends on which Plaid products or services the end user or their connected app uses.
Visa's planned $5.3 billion acquisition of Plaid was terminated in January 2021 after the Department of Justice sued to block the deal on antitrust grounds, leaving Plaid as an independent company rather than a Visa subsidiary.
Plaid's privacy policy states that for U.S. users, Plaid does not share data with non-affiliated third parties except as permitted under Gramm-Leach-Bliley Act regulations.
Plaid's Trust and Safety page states the company does not sell financial data to third parties for marketing or advertising purposes and only shares data to power requested services or prevent fraud.
Plaid's privacy policy discloses that Google reCAPTCHA is integrated into Plaid Link and processes personal data such as IP address and time spent on the site for fraud detection.