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American fintech startup Plaid has been valued at US$ 13.4 billion during a fundraising round by investors after its abandoned sale to Visa Inc. (NYSE:V), indicating a smooth comeback after the US government blocked its takeover on antitrust reasons.
Plaid announced on Wednesday, April 7, that it has raised US$ 425 million in a spherical fundraising led by investment firm Altimeter Capital along with Ribbit Capital, Silver Lake, and existing creditors.
The San Francisco-based financial technology company will utilize the latest funding to boost its digital platform, spending on infrastructure, online payments resources, and business expansion, stated Plaid's UK head Keith Grose.
Earlier, Plaid and global debit and credit card provider Visa had to call off a targeted US$ 5.3-billion merger after US regulators filed a lawsuit to halt the deal. The merger was announced in January 2020, which was canceled to avoid prolonged litigation.
Meanwhile, Plaid’s fortune has surged by almost 153 per cent. If the company goes public in the near future, it will get listed as a large-cap financial stock.
Global Expansion: Plaid’s Rising Clients
As one of the leading fintech startups, Plaid has an impressive client list, including American Express (NYSE:AXP), Coinbase, PayPal subsidiary Venmo, and wealth and investment service provider Betterment.
The company has been getting more traction from its global operations in Europe and the UK, onboarding UK-based fintech clients such as Atom and Curve to its roster. Interestingly, Plaid is still looking to expand its footprints in European nations.
Image Source: Kalkine Group @2020
Plaid offers a software-backed application programming interface. Giant brokerage firm Robinhood and Venmo use these interfaces to connect to buyer financial firm accounts.
The Fintech company earns revenue when new users join through its interface. It develops software cloud-based products that allow users to add their bank accounts to upload data and initiate payments through third-party applications.
Plaid reported that it has witnessed higher demand for its tech services in 2020-21, as the use of digital services flourished due to the COVID-19 led lockdowns.
