© Reuters. A Visa logo is displayed on a Formula E racing car during a press conference to showcase the partnership between the Enel Group and the FIA Formula E Championship at the MAXXI National Museum in Rome, Italy
(Reuters) – Payment Processor Visa Inc. (NYSE 🙂 & # 39; s $ 5.3 billion deal to buy fintech startup Plaid Inc is under antitrust scrutiny by the U.S. Department of Justice, the Wall Street Journal reported Tuesday, citing people familiar with the matter.
The Justice Department could soon decide whether to sue to block the deal, the report said.
After examining the proposed purchase for much of this year, the department fears that emerging competition in the payments sector could be curtailed, the report added.
The Justice Department is also preparing for potential legal disputes, including bringing up witnesses for a trial, according to the WSJ report.
Visa and the Justice Department did not immediately respond to Reuters' requests for comment. Plaid declined to comment.
The deal, which aims to improve Visa's access to the fintech space, was announced in January.
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