By Aisling Finn on Wednesday 7 April 2021
Plaid has raised $425m from both new and existing investors.
The financial API provider scooped $425m in fresh capital nearly three months to the day since its shelved acquisition.
Plaid’s latest funding round was led by new investor Altimeter Capital, which has invested in the likes of Facebook, Uber and Alibaba, with fellow new investors Silver Lake Partners and Ribbit Capital participating.
Existing investors in the round include Andreessen Horowitz, Index Ventures, Kleiner Perkins, New Enterprise Associates, Spark Capital, and Thrive Capital.
In a blog post, co-founder and CEO of Plaid Zach Perret wrote: “Looking ahead, Plaid is focused on creating a single, integrated platform focused on helping innovators build digital financial products.”
“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.”
Plaid will use the cash to help it scale its international expansion plans, help the fintech industry expand and grow and to help build the next generation of financial services.
Plaid declined to comment on its valuation, however, AltFi understands the fintech’s valuation has more than doubled to $13.4bn post-money as part of this new round.
Looks as though Perret and his fellow co-founders made a canny move by pulling out of Visa's $5.3bn takeover.