BankTech

Plaid raises $425 million Series D to grow its platform

The Series D includes new investors Altimeter Capital, Silver Lake and Ribbit Capital

Fintech Plaid has raised a massive $425 million in Series D to help grow its platform and “enable the next generation of digital financial services,” according to a blog post by CEO Zach Perret.

The new financing values the company at around $13.4 billion, according to TechCrunch.

The funding round includes new investors Altimeter Capital, Silver Lake and Ribbit Capital along with existing investors including Andreessen Horowitz, Index Ventures, Kleiner Perkins, New Enterprise Associates, Spark Capital, and Thrive Capital. To date, the company has raised $734.3 million in funding, according to Crunchbase.

The new capital injection doesn’t come as a surprise, considering in January Visa and Plaid called off their $5.3 billion merger and the U.S. Department of Justice has agreed to drop its antitrust lawsuit challenging the deal.

TechCrunch reported that Plaid grew its customer count by 60% in 2020 and the company has about 650 employees, growing its headcount by about 20% in the first quarter.

San Francisco-based Plaid powers fintech apps from the likes of Robinhood, Square and Venmo. In the blog post, Perret said that going forward the company is focusing on creating a single, integrated platform that focuses on helping others build online financial products.

In March, we reported that Plaid had announced the release of Income, a beta product looking to simplify income verification so customers can secure loans, qualify for mortgages, rent apartments, lease vehicles, and more. The company said Income can also be used by mortgage lenders to capture and “digest” a person’s income data directly from their payroll provider to make more informed decisions about their creditworthiness.

Meanwhile, in January we reported that the fintech had launched a nine-month incubator for early-stage startup fintech founders who are Black, Indigenous, or people of color called FinRise.

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