Twelve years ago, Plaid set out to bring financial services into the digital age at a time when most interactions still required physical presence, creating barriers for millions who needed better access. The company believed that by building the right infrastructure, it could bridge that gap and offer a seamless, digital-first experience that made financial products more open, intelligent and accessible. 

That vision has only grown stronger. Today, more than 1 in 2 Americans with a bank account use Plaid to manage their financial lives and its platform powers thousands of fintechs, banks and enterprises.

As it gears up for its next chapter, Plaid secured $575 million in an oversubscribed funding round, pushing its valuation to $6.1 billion. 

A strategic raise

The round was led by Franklin Templeton, alongside Fidelity Management and Research and BlackRock. Longtime backers NEA and Ribbit Capital doubled down, reinforcing confidence in Plaid’s trajectory. The proceeds of the round will be used to convert expiring RSUs into shares and offer liquidity to employees. 

This raise follows a breakout year, marked by record-breaking revenue growing at 25% YoY, a return to positive operating margins, an expanded product suite in alternative credit data, anti-fraud and banking payments as well as a surge in companies building with Plaid. 

“We are excited for the years ahead. Plaid has evolved from a business solely focused on bank linking, into a suite of data analytics products that are essential to financial services and adjacent markets.” explains Zach Perret, Plaid co-founder and CEO. “Whether it’s signing up new users, fighting fraud, enabling bank payments, or making underwriting decisions, our network is core to the way that our customers run their businesses and consumers run their financial lives. 

"We've been proud to support Plaid since the Seed round, witnessing firsthand how they've grown into the backbone of fintech innovation” said Rick Yang, Partner and Head of Technology at NEA. “Now, as Plaid reaches an exciting inflection point, we are furthering our commitment to the company and its vision with this investment. The future of financial services is being redefined, and we’re thrilled to continue the journey with Plaid."

12 years of Plaid

Founded in 2012, Plaid started as a bank-linking solution that allows consumers to interact with their finances digitally rather than physically. By offering data connectivity infrastructure, the company unlocked new possibilities for customers, allowing them to build better, faster and more scalable financial products with less risk.  

Over the years, Plaid built a broad, loyal customer base spanning fintechs, banks and enterprises such as Citi, Affirm or SoFi, partnerships with thousands of financial institutions and a rich and unique data asset on which it is building a broader suite of analytical products.

The necessity of Plaid’s product continues to be evident. Between 2022 and 2023 - the worst slowdown for fintech in two decades - its core business continued to grow at double-digit YoY rates. That sustained growth provides the company with strong free cash flow, which it is reinvesting into new product lines designed to improve the financial services ecosystem, including anti-fraud technology, alternative credit data and bank-linked payment capabilities.   

What’s next? 

With strong capitalization, Plaid is well-positioned to continue scaling ahead of its anticipated IPO - a milestone the company is tracking toward with no plans to raise additional funds before then.

Focusing on long-term trends, the company is doubling down on data science, machine learning and AI to strengthen its analytics capabilities and ensure its solutions remain cutting edge. As demand for alternative credit data, anti-fraud and bank payments grows, Plaid is leaning into its role as a category leader shaping the future of digital finance. 

Twelve years in, the mission remains unchanged: to unlock financial freedom for everyone. With a clear vision for the future, Plaid is doubling down on its mission to make financial services better and investors are betting big on its ability to deliver.