Plaid trebles valuation to $13.4bn in funding round

FinTech Plaid has been valued at $13.4 billion in its latest funding round, almost triple the $4.9 billion valuation it received from Visa last year.

The San Francisco-based company, founded in 2014 has built a data transfer network that powers FinTech and digital finance products, which claims to connect information from 11,000 banks and financial institutions to over 4,500 FinTech customers.

Current clients include PayPal, Robinhood, Google, and Microsoft, according to the FinTech.
The $425 million Series D funding round included new investors Altimeter Capital, Silver Lake, and Ribbit Capital who joined existing investors, Andreessen Horowitz, Index Ventures, Kleiner Perkins, New Enterprise Associates, Spark Capital, and Thrive Capital.

The news comes after the US Justice Department (DoJ) blocked its sale to Visa on antitrust grounds in January 2020, in response to fears it would lead to a monopoly in the online payments space.

However, the company’s chief executive and co-founder Zach Perret maintained the DoJ’s point of view was “misguided”.

Plaid currently boasts around 700 employees across offices in San Francisco, New York, Salt Lake City, Washington, London, and Amsterdam.

The FinTech claimed a 60 per cent increase in customers last year but did not comment on revenues.

"Looking ahead, Plaid is focused on creating a single, integrated platform focused on helping innovators build digital financial products,” said Perret. “Doing so requires scaling to meet the increased use of FinTech, expanding globally to meet international demand, and delivering an expanded set of platform products to our customers.”

He added: "This will include continued investment in APIs that help people connect a complete view of their finances, as well as tools and services to support enhanced privacy, personalisation, decisioning, and automation.”

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