Plaid, probably the most trusted digital finance platform, has raised $575 million in a secondary share sale that sees the open banking platform’s valuation drop from $13.4 billion in 2021 to $6.1 billion. The new funding was led by Franklin Templeton, alongside Fidelity Management and Research, and others including existing Plaid investors NEA and Ribbit Capital.
What Zachary Perret, Co-Founder & CEO at Plaid, said about this new funding:
„Plaid has evolved from a business solely focused on bank linking, into a suite of data analytics products that are essential to financial services and adjacent markets. Whether it’s signing up new users, fighting fraud, enabling bank payments, or making underwriting decisions, our network is core to the way that our customers run their businesses and consumers run their financial lives.
The proceeds of this round will be used to address employee tax withholding obligations related to the conversion of expiring RSUs to shares, and to offer some liquidity to our current team.
This fundraise comes on the heels of a substantial growth year, which saw a meaningful expansion in our product suite and a big upswing in the number of enterprises building with Plaid. The result was a record-setting year on revenue, a return to positive operating margins, and a meaningful increase in the companies and markets we serve. Today, more than 1 in 2 Americans have used Plaid.
The transformation of the industry is still in the early stages and we can’t wait to see what we build together 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:
