Zach Perret, CEO of portfolio company Plaid, discusses the company’s humble beginnings trying (and failing) to build consumer fintech apps - and discovering a severe dearth of infrastructure (or “plumbing for financial data”) in the process. Today Plaid powers more than 4k customers - including fintech growth stories such as Venmo.
“We are, by far, the earliest company here”. This how Zach Perret, CEO of Plaid, started his talk at his first appearance at Data Driven NYC, back in February 2013. “We are basically three guys, coding 24 hours a day, and building developer tools…”. Fast forward to today: the company was valued at $2.7B (“allegedly”, says Zach) in its most recent $250M round; Plaid has integrated with 15,000 banks in the U.S. and Canada and 4,000 fintech applications. One in four people in the U.S. have linked an account using Plaid. And they have just acquired New York based competitor Quovo for $200M (“reportedly” as well).