Franklin Templeton led the “oversubscribed” raise, which also included participation from new backers Fidelity Management and Research, BlackRock, and others in addition to existing investors NEA and Ribbit Capital. Plaid characterized the transaction as “not a Series E,” but rather a sale of common stock, which involves a company directly issuing new shares to raise capital. The proceeds of the round will be used to address employee tax withholding obligations related to the conversion of expiring RSUs to shares, and to offer some liquidity to its current team via an employee tender offer.