Congratulations to portfolio company Plaid on raising incremental Series C investment from both MasterCard and Visa!
By investing in a company whose platform supports an outsized share of its market, Visa and Mastercard are betting on the continued technological evolution of the financial services industry. Plaid claims 80% of major fintech firms—including the likes of Venmo, Robinhood, Chime, and Betterment—rely on its APIs to connect with customers’ bank accounts, and says one in four Americans with bank accounts are served by its platform. “Fintech is growing, and we’re the infrastructural layer that’s powering that growth,” Sima Gandhi, Plaid’s head of business development and strategy, told Fortune. “We’re really excited to partner with Visa and Mastercard to drive the next era of transformation.”