Fintech firm Plaid raised $ 425 million in a new funding round.
Plaid’s latest fundraising round, announced on Wednesday, set the company an after-money valuation of $ 13.4 billion, according to a source close to the company. The investment is led by Altimeter Capital, with Silver Lake Partners and Ribbit Capital also participating.
previously intended to acquire Plaid for $ 5.3 billion, but the two companies canceled the merger in January due to antitrust opposition from the Justice Department. While Visa CEO Al Kelly at the time insisted that he believed Visa would win his lawsuit with the Justice Department over the deal, he said the two companies had agreed to put the merger on hold. for pursuing what they expect is drawn. Legal war.
Plaid’s technology allows people to link their bank accounts to fintech services like PayPal Holding Inc.
Venmo and Robin Hood hero. The company also has a running beta program for an income verification product that will make it easier for users to verify their earnings and jobs.
The company “focuses on creating a single integrated platform that focuses on helping innovators build digital financial products,” the company said in an announcement blog post. about the new funding round. Plaid plan “continues to invest in API [application programming interface] help people connect a full view of their finances, as well as tools and services to help improve privacy, personalization, decision-making and automation. “