Plaid, the fintech company that develops technology connecting banks with services like PayPal Holdings Inc. (NASDAQ:PYPL)’s Venmo, has reportedly conducted a fundraising round that values the company at $2.65 billion.
The San Francisco-based company is a Benzinga Fintech Summit alumnus.
What Happened
Plaid has raised $250 million in a Series C investment led by venture capitalist and Internet Trends author Mary Meeker, TechCrunch reported Tuesday.
Per the deal, Meeker will join the company’s board of directors, the publication said.
Investors such as Andreessen Horowitz, Goldman Sachs Group Inc (NYSE:GS), NEA and Spark Capital also participated. Plaid has now raised a total of $310 million, TechCrunch said.
Why It’s Important
Plaid, which was founded in 2013, enables fintech apps like Robin Hood and Acorns to connect with bank accounts, creating a more secure and simplified payment process. The company is integrated with about 10,000 U.S. and Canadian banks.
TechCrunch said 25 percent of residents in the two countries have used the service via one of the third-party apps for which Plaid acts as an intermediary.
What’s Next
Plaid's co-founders told TechCrunch that the new funding will be used to expand the company's operations in San Francisco, Salt Lake City and New York.
Related Links:
Plaid: The Fintech Link Between Banks And Startups
5 Startup Payment Services On The Rise
Photo courtesy of Plaid.
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