Plaid’s latest fundraise

We’re happy to share that we’ve raised ~$575M led by Franklin Templeton, alongside Fidelity Management and Research, and others including existing Plaid investors NEA and Ribbit Capital. The proceeds of this 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 our current team. 

This fundraise comes on the heels of a substantial growth year, which saw a meaningful expansion in our product suite and a big upswing in the number of enterprises building with Plaid. The result was a record-setting year on revenue, a return to positive operating margins, and a meaningful increase in the companies and markets we serve. Today, more than 1 in 2 Americans have used Plaid.

Moments like these are an opportunity to reflect on our journey and look ahead to what’s next. I’ve captured my broader thoughts in our annual investor letter. You can find the text of it here. 

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. 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 wouldn’t be where we are today without the trust of our customers and our shared belief that consumers deserve better financial products and services. The transformation of the industry is still in the early stages and we can’t wait to see what we build together next. 

Onwards.

- Zach