Fin-tech company, Plaid has raised $425 million in its Series D funding round, bringing the company’s valuation to $13.4 billion.
Investors who took part in the funding include Altimeter Capital, Silver Lake Partners (a private equity firm) and Ribbit Capital.
Plaid’s technology connects applications with users’ bank accounts, thereby enabling customers to use these apps and services to help plan their spending, increase their savings and monitor their investments.
Before this round of funding, the company had raised a total of $310 million from investors, including Spark Capital, Google Ventures, New Enterprise Associates, Goldman Sachs, American Express, and Citibank. Its most previous funding was a $250 million Series C round in December 2018 that put the start-up at a $2.65 billion valuation.
In January last year, Visa announced plans to acquire Plaid at a cost of $5.3 billion. However, the Department of Justice filed a suit to stop the acquisition in November 2020, reiterating that the combination would “eliminate a nascent competitive threat that would likely result in substantial savings and more innovative online debit services for merchants and consumers.”