V Visa Inc

By Ian Walker

The U.K. Competition and Markets Authority said Monday that it is starting a formal review into Visa Inc.'s agreed acquisition of fintech startup Plaid Inc. to see if the merger would result in a "substantial lessening of competition" within the U.K.

The regulator has set a deadline of Aug. 24 to decide whether to allow the deal to proceed or to forward it for a deeper review.

Visa in January said it would buy Plaid for $5.3 billion, as part of an effort by the card giant to tap into consumers' growing use of financial-technology apps and noncard payments.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

June 29, 2020 02:35 ET (06:35 GMT)

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