Plaid (company)

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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

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]

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]

History[edit]

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]

References[edit]

  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.