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Plaid acquires Quovo in $200M deal

Plaid Inc. has acquired Quovo Inc., according to the former's website.

Terms of the deal were private but a source for CNBC said the deal was valued at about $200 million.

The combined company will exist on a single platform that developers and large companies can use to create financial applications, the report added.

Plaid links bank accounts to fintech apps like Venmo, Robinhood, Coinbase and Acorns, according to CNBC. Quovo also links customers' accounts with consumer-facing apps.