Visa is abandoning its plans to ac♒quire Plaid after the Department of Justice (DOJ) sued over antitꩲrust concerns.

Visa announced i🌞n January 2020 its plans to purchase Plaid. While the smaller company is primarily known for a service that allows users to connect their bank accounts to various finance apps, the company was working on a service that would directly compete with Visa’s core business.

As a result, Visa’s move to purchase Plaid, to the tune of $5.3 billion, was widely seen as an attempt to stamp out a competitive threat from a smaller rival. The DOJ was concerned by that, especially given Visa’s do🔴minance in its market, it to file a lawsuit.

According to , Visa has ended its takeover attempt, a decision the DOJ has hailed as “a victory for American consumers and small businesses.”