Plaid is a financial technology company based in San Francisco. The company builds a technology platform, which enables applications to connect with users’ bank accounts.[1] Plaid focuses on enabling consumers and businesses to interact with their bank accounts, check balances, and make payments through financial technology applications.[2]

Plaid Inc.
IndustryFinancial technology, Financial Services
FoundedMay 2013; 6 years ago (2013-05)
FoundersZach Perret
William Hockey
Headquarters
Area served
United States
Key people
Zach Perret (CEO)
ProductsTransactions, Auth, Balance, Identity, Income, Assets, Investments
ParentVisa Inc.
Websiteplaid.com

On January 13, 2020, Plaid was acquired by Visa for 5.3 billion dollars.[3] The purchase price is 2x the final private valuation and Visa is funding the transaction from cash on hand and debt issuance.[4]

HistoryEdit

Plaid was founded by Zach Perret and William Hockey in 2013.[5] Plaid was originally intended to be a personal financial management and tracking tool for consumers, previously operating under the name "Sliver" and then "Rambler".[6] When confronted with difficulties in connecting bank accounts required for these tools, Plaid pivoted its core business focus to a unified banking API.[7]

Plaid has raised a total of $310 million. The company raised $60 million in Seed, Series A and Series B funding from Spark Capital, Google Ventures, New Enterprise Associates, Goldman Sachs, American Express, and Citibank.[8] On December 11, 2018, they announced a $250 million Series C round with a valuation of $2.65 billion. The funding round was led by Mary Meeker, with Andreessen Horowitz and Index Ventures also joining as new investors. Former backers Goldman Sachs, NEA and Spark Capital also participated.[9]

ReferencesEdit

  1. ^ "Plaid – Press". plaid.com. Retrieved 2017-05-31.
  2. ^ "6 Fintechs Disrupting The Industry". Inc.com. 2017-01-26. Retrieved 2017-05-31.
  3. ^ "Visa is acquiring Plaid for $5.3 billion, 2x its final private valuation". TechCrunch. Retrieved 2020-01-13.
  4. ^ "Visa to Acquire Fintech Startup, Plaid for $5.3 Billion". CurrencyScoop. Retrieved 2020-01-13.
  5. ^ "Crunchbase company profile: Plaid". www.crunchbase.com. Retrieved 2017-05-31.
  6. ^ Velazco, Chris. "Rambler Takes Home The Disrupt NY 2013 Hackathon Grand Prize, Learn To Drive And Radical Are Runners Up | TechCrunch". Retrieved 2017-05-31.
  7. ^ Ha, Anthony. "Plaid Raises $2.8M To Make Banking Data More Developer Friendly | TechCrunch". Retrieved 2017-05-31.
  8. ^ Demos, Telis (2016-06-19). "Fintech Firm Plaid Raises $44 Million". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-05-31.
  9. ^ Rooney, Kate (2018-12-11). "Plaid's $250 million funding round propels it to $2.7 billion valuation". www.cnbc.com. Retrieved 2018-12-12.