Plaid is raising funding at a $2 billion valuation

October 19, 2018
160 Views


Plaid, a fintech company whose software is used by Silicon Valley heavyweights like Betterment, Coinbase and Robinhood, is holding talks with potential investors about raising money that could value the firm at more than $2 billion, according to people familiar with the matter.

The fundraise is still in the early stages, the people said, and a formal deal with investors has yet to be finalized.

In April this year, Forbes reported that the company’s private valuation was $1 billion — meaning that Plaid, which counts 10,000 banks among its customers, has doubled its valuation in less than six months.

A Plaid spokeswoman declined to comment on the fundraise or the company’s valuation.

Plaid’s proprietary software has been described as the “plumbing” of fintech: the backbone technology that verifies bank accounts, authenticates identities, and certifies balances for fintech apps.

Plaid co-founders Zach Perret and William Hockey left their jobs at management consulting firm Bain and Company in 2012 to build what they envisioned as a software application that could seamlessly connect consumers and banks. While the concept didn’t resonate with investors at first, the duo began attracting attention after winning a TechCrunch Disrupt hackathon the following year. Among the company’s first customers was the peer-to-peer payment software Venmo.

It’s still unclear whether or not Plaid’s previous investors will re-invest. The company’s latest funding round for $44 million closed in 2016 and was led by Goldman Sachs, with contributions from Citi, American Express, NEA, Spark Capital, and GV.



Source link

You may be interested

Ethereum Price Analysis: ETH Remains A Sell Until It Breaks $120 – newsBTC
Ethereum News
11 views
Ethereum News
11 views

Ethereum Price Analysis: ETH Remains A Sell Until It Breaks $120 – newsBTC

Editor - January 24, 2019

[ad_1] Ethereum Price Analysis: ETH Remains A Sell Until It Breaks $120  newsBTCEthereum price failed to stay in the positive zone…

Financial Engines Advisors Lowered Abbvie Common Stock (ABBV) Stake; ICO THERAPEUTICS COMMON SHARES CAN (ICOTF) Sellers Decreased By 99.28% Their Shorts
ICO News
26 views
ICO News
26 views

Financial Engines Advisors Lowered Abbvie Common Stock (ABBV) Stake; ICO THERAPEUTICS COMMON SHARES CAN (ICOTF) Sellers Decreased By 99.28% Their Shorts

Editor - January 24, 2019

[ad_1] Financial Engines Advisors Llc decreased Abbvie Common Stock (ABBV) stake by 9.1% reported in 2018Q3 SEC filing. Financial Engines…

Cryptocurrency Market Development and Growth 2026 | Keyplayers : Bitstamp, OKCoin, Coinbase, Poloniex, Bitfinex, among others
Coinbase News
21 views
Coinbase News
21 views

Cryptocurrency Market Development and Growth 2026 | Keyplayers : Bitstamp, OKCoin, Coinbase, Poloniex, Bitfinex, among others

Editor - January 24, 2019

[ad_1] Worldwide Market Reports has announced the addition of the “Global Cryptocurrency Market Report 2019-2026 Production, Sales And Consumption Status…

Leave a Comment

Your email address will not be published.