The thawing regulatory environment is behind the season change. Plaid might not be in the market for a merger anymore—at its current size, an IPO is more likely, with Perret hinting at a public offering in the next few years. “That’s certainly the direction we want to go,” he told me, calling the failed Visa deal a “blessing in disguise.”
The coming months might bring a fintech summer, especially with venture capitalists in charge of D.C. Still, it won’t be a smooth ride getting there, especially as the Trump administration continues to iron out its own policy priorities. “We’re waiting with bated breath to see what’s going to happen,” said Perret.