Digital Finance as the New Normal: Plaid raises $425 Million Series D
Plaid has announced a significant funding round raising $425 million in a Series D round. It has been rumored for some time that Plaid, a leader in the open banking sector, was raising new capital. New investors Altimeter Capital, Silver Lake, and Ribbit Capital joined existing investors including Andreessen Horowitz, Index Ventures, Kleiner Perkins, New Enterprise Associates, Spark Capital, and Thrive Capital in the funding round. Terms of the deal were not immediately available but a recent report indicated that Plaid could have been valued in excess of $13 billion.
In a blog post, Plaid said that ten years ago “finance was an industry scorned” but today it is one of the most innovative sectors of the digital economy as all financial services push forward with digital transformation. Noting that digital finance is the new normal, Plaid stated:“Mobile banking is no longer the realm of startups, but rather the norm for main street banks. Not only have most of our financial interactions moved to the web, but the number of people that have access to high-quality financial products has massively increased. Digital finance is everywhere, but the true transformation is still ahead of us.”
The Series D will be utilized to further scale its platform to support the massive growth in Fintech, and “enable the next generation of digital financial services.”
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