Plaid, the US multi-billion-dollar-valued open banking firm, has restructured its senior management team and appointed a new European boss.

Mike Saunders, who leads Plaid’s credit team, is now also heading up Plaid’s European business as well.

He replaces Brian Dammeir, a former Adyen executive who was appointed to head up Plaid’s European business in November last year.

Dammeir is now heading up Plaid’s payments offering globally and is based in the US.

Plaid said: “Brian’s background and deep domain expertise in payments from his time at Adyen made him uniquely suited to lead our payments business.

“Mike’s experience running international teams makes him well suited to oversee that team.”

San Francisco-based Plaid, last valued at $13bn, is one of the most high-profile fintechs in the US.

It is one of the flagbearers of open banking, the technology which allows the sharing of financial data between banks and third-party service providers, such as fintech apps.

Plaid was on the verge of being taken over by Visa in a $5.3bn deal but the deal fell apart amid regulatory scrutiny in 2021.

Plaid has European offices in Amsterdam and London and its customers include Google and Shopify.

Last year, Plaid hired its first chief financial officer, former Expedia CFO Eric Hart, in a move seen as a significant step to going public.