San Francisco-based fintech unicorn Plaid announced Wednesday that it raised $425 million in fresh financing. The Series D round was led by new investors Altimeter Capital, Silver Lake, and Ribbit Capital.
Fintech companies have witnessed outstanding amounts of growth during the pandemic and Plaid is no exception. Following the latest raise, Plaid’s valuation has soared to $13.4 billion, according to CNBC.
The latest news comes after the U.S. Department of Justice squashed an attempt by Visa to acquire the company for $5.3 billion in January.
Plaid uses APIs to connect consumer bank accounts to finance apps like Venmo or Robinhood. The company’s platform works to consolidate and categorize financial data from multiple sources to provide its users with a more complete view of their finances.
“A decade of gradual digitization was punctuated by a year of sudden adoption,” Zach Perret, co-founder and CEO of Plaid, said in a statement. “Whether paying bills, managing loans, applying for PPP, receiving stimulus checks, buying stocks, or just managing money day-to-day, hundreds of millions of consumers began to see digital finance as the new normal.”
Plaid will invest the additional capital in continuing to develop APIs as well as additional tools to support privacy, personalization, decisioning, and automation on its platform.
“In founding Plaid nearly a decade ago, we dreamt of a financial system that was built to empower consumers and unlock financial freedom for everyone,” Perret continued.
Plaid is now hiring for dozens of open positions at its San Francisco headquarters. The company is hiring across just about every department with a majority of roles available on its engineering team. Several remote positions are up for grabs as well.
The company has raised $734.3 million in venture capital financing to date, according to Crunchbase.
Additional investors Andreessen Horowitz, Index Ventures and Kleiner Perkins participated in the round, among others.