The amount invested was not disclosed but it comes four months after the initial $425 million Series D, which valued Plaid at $13.5 billion.
That valuation was a big step up from a recently aborted $5.3 billion Visa deal, blocked by the US Justice Department over competition concerns.
According to Finextra, AmEx is an existing Plaid investor but this is a first for JP Morgan, whose CEO Jamie Dimon has previously been highly critical of the fintech, accusing it of „improperly using data that’s being given to them”.
Zach Perret, Plaid CEO says:
„We built Plaid with a simple vision: if we could create a more open and connected financial system, consumers would benefit from more choice, control and oversight over their financial lives. Today, we are excited to announce funding from J.P. Morgan Private Capital Growth Equity Partners and existing investor Amex Ventures as part of our previously announced Series D, which was led by Altimeter Capital and Silver Lake Partners.
These are storied companies intrinsic to the fabric of financial services, and are important partners. Both J.P. Morgan’s Growth Equity Partners and American Express will be critical in our effort to enable great financial outcomes for consumers and drive innovation in the industry.
As we look to support the massive growth in fintech, we’ll be accelerating our investments in building products that enable an open, easy to use, and secure financial services ecosystem. While we’re still in the early innings of the digital transformation in financial services, we’re excited to work with the thousands of banks, fintechs and non-financial institutions in our network to create what’s next.„
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
