Plaid raises $425 million in the latest funding round
California-based payments infrastructure company, Plaid has raised $425 million in its latest funding round. The move comes after the US Department of Justice quashed Plaid’s hopes of being acquired by Visa for $5.3 billion.
The company has bought new investors such as Altimeter Capital, Silver Lake, and Ribbit Capital who joins the existing investors Andreessen Horowitz, Index Ventures, Kleiner Perkins, New Enterprise Associates, Spark Capital, and Thrive Capital.
In a blog post, Zachary Perret, the company’s co-founder and CEO said that this funding would ‘help scale our platform to support the massive growth in fintech, and enable the next generation of digital financial services.
In other things, the CEO also noted that going forward, Plaid is ‘focused on creating a single, integrated platform focused on helping innovators build digital financial products’ and the company would also be expanding globally to meet international demand. The expansion process would include ‘continued investment in APIs that help people connect a complete view of their finances, as well as tools and services to support enhanced privacy, personalization, decisions, and automation.
With this funding, the total funding received by the fintechs this year has gone up to $2.375 billion. Last week, Airwallex raised $100 million from the investors.