After its plan to merge with credit card network Visa was called off in January, Plaid is moving on. Namely, its largest fundraise to date: the San Francisco-based company, which enables companies to create their own financial services applications without investing in a team of engineers, announced a $425m Series D round of funding. Altimeter Capital led the round and was joined by new investors Silver Lake Partners and Ribbit Capital, as well as existing investors, including Andreessen Horowitz, Index Ventures, Kleiner Perkins, New Enterprise Associates, Spark Capital and Thrive Capital.
“We always expected the shift to online, but not the pace that it happened in 2020,” Perret said. “Financial services shifted completely online in its usage, growth and reliance by consumers. Seventy-five percent of consumers are saying it is the new normal for them. We want to continue to scale our business and team to serve those offerings now. It was a great time to raise funding and reinvest in the platform and digital finance as we look ahead to the future.”