Plaid, which allows third-party companies to securely fetch customers’ data from their bank accounts, has launched a new product focused on investment account data. The feature will allow third-party companies to connect to customers’ investment accounts, including transactional data such as stock purchases, sales and dividends.

The tool’s launch comes in the wake of Plaid’s $200 million acquisition of Quovo in January. Quovo aggregates investment account data for companies such as Vanguard and John Hancock, and the new tool aggregates data from more than 180 wealth management institutions.

Before the launch of this tool, Plaid could only access bank account data for its clients, such as PayPal-owned Venmo. Plaid, which has raised more than $309 million in funding, began working on the tool in January and did beta testing with a handful of clients over the past two months.

According to Lowell Putnam, head of partnerships at Plaid and the co-founder of Quovo, the Plaid and Quovo teams decided to fold Plaid’s technology with Quovo’s investment data-gathering capability into a single platform to enhance offerings to clients. “It’s one of the more aggressive things we could have worked on because we’re dealing with a very different data model than what Plaid traditionally has worked with,” he said. “The investment is an extension of a lot of work Quovo did when we were an independent company.”

According to Plaid, this new capability improves on Quovo’s investment account tool by giving companies better insight into the price, quantity and value of users’ holdings. It also makes it easier for companies to differentiate between securities and holdings. 

The new tool gives Plaid another offering to market to clients, which include Betterment, Acorns and PayPal. According to Putnam, some Plaid customers had been using Quovo’s investment accounts tool and Plaid’s bank accounts tool simultaneously, but now the companies’ technologies are integrated, putting a comprehensive picture of customers’ financial data in one place. The ability to access a customer’s full assets, beyond bank account information, is valuable for startups, legacy banks and investment companies, he said, adding that it will allow Plaid clients to suggest financial products to their customers.

Plaid’s current client base is split between fintech startups and legacy financial companies. “We see a lot of financial institutions today starting to read from the fintech playbook and beginning to offer more budgeting services or PFM-style toolkits,” Putnam said. “These toolkits frankly aren’t very useful if you can’t capture all the customer’s assets.” 

Gilles Ubaghs, a senior analyst at Aite Group, said financial institutions increasingly are looking to work with fintechs, and companies like Plaid make the process much easier. Despite the competitive pressure it faces from Yodlee and Xignite, Plaid has a solid reputation, he noted. “[The integration] makes a lot of sense, and there’s a lot of market demand for it,” he added.