Plaid, a fintech startup that had an acquisition by Visa scuttled because of antitrust concerns, this week secured a $425 million Series D financing round. The Bay Area startup had agreed to a $5.3 billion deal with Visa in January 2020, but the new round, which brings the total raised by the company to nearly $735 million, pegs Plaid’s valuation at $13.4 billion.
San Francisco-based Plaid provides connections between consumers’ bank accounts and apps like Venmo to facilitate online payments. The company said it will use the additional funds to hire staff and further develop its platform.
“Plaid is focused on creating a single, integrated platform focused on helping innovators build digital financial products,” the company said in a blog post about the funding announcement. “Doing so requires scaling to meet the increased use of fintech, expanding globally to meet international demand, and delivering an expanded set of platform products to our customers. This will include continued investment in APIs that help people connect a complete view of their finances, as well as tools and services to support enhanced privacy, personalization, decisioning, and automation.”