I am sure I will be called naive, but this is shocking to me. I assumed that Plaid was integrating with the banks and not doing this sort of thing because of the people associated with Plaid. Their seed round included Spark Capital and Google Ventures. Their most recent round included Mary Meeker and Andreessen Horowitz. [1]
These investors have reputations to protect. This type of thing would certainly come out in diligence:
"How do you gain access to the customer's account data with their bank?"
"We impersonate their bank."
"Do you tell them you do this?"
"No."
"Ok, that's probably fine."
How in the hell does this conversation pass muster?
These investors have reputations to protect. This type of thing would certainly come out in diligence:
"How do you gain access to the customer's account data with their bank?"
"We impersonate their bank."
"Do you tell them you do this?"
"No."
"Ok, that's probably fine."
How in the hell does this conversation pass muster?
[1] https://en.wikipedia.org/wiki/Plaid_(company)#Funding