Plaid Founders Buy Bank
The co-founders of data network Plaid have purchased Northern California National Bank. The newly acquired one-location FI has been renamed Column and it will manage Plaid’s regulated tasks including holding customers’ deposits and issuing debit cards.
Name-brand banks don’t generally perform these tasks, so the work is usually done by community banks, many of which have limited digital offerings and charge high fees. Plaid is betting this move will streamline the bank/data/fintech app/consumer supply chain.