Plaid, which calls itself the “plumbing” behind fintech, provides the application programme interfaces (APIs) which connect users’ bank accounts with third party providers (TPPs) such as Venmo, Square Cash and Robinhood.
The size of the deal is roughly double the Californian fintech’s last private valuation of $2.65 billion from late 2018, when it raised $250 million in a Series C funding round. Early investors in the fintech included its acquirer Visa, as well as Visa’s rival Mastercard. Goldman Sachs – also the exclusive adviser on the new deal – was involved, alongside the venture arms of Citi and American Express.
