Plaid is a financial services company based. Plaid provides companies with the tools and access needed for the development of a digitally-enabled financial system.
The company builds a data transfer network that powers fintech and digital finance products. Plaid’s product, a technology platform, enables applications to connect with users’ bank accounts. It allows consumers and businesses to interact with their bank accounts, check balances, and make payments through different financial technology applications. The company operates in the U.S., Canada, the UK, France, Spain, Ireland, and the Netherlands.
Plaid builds a data transfer network that powers Fintech and digital finance products. From the consumer side, this means they allow common apps such as Venmo and Chime to offer banking services without having to develop all the infrastructure themselves
Plaid is focused on democratizing financial services through technology. Plaid builds consumer experiences, developer-friendly infrastructure, and intelligent tools that give everyone the ability to create amazing products that solve big problems. Plaid started out by building the technical infrastructure APIs that connect consumers, traditional financial institutions, and developers.
Plaid has analysed 10B+ transactions..
Plaid plays an important role in the digital finance ecosystem, providing the connective tissue for consumers, the apps they rely on, and financial institutions.
On January 13, 2020, Visa announced it was intending to acquire Plaid for US$5.3B. Visa later abandoned the deal after opposition by the United States Department of Justice due to data privacy and antitrust risks.
Consumers have the right to access their own financial information when and how they choose. With a truly open finance ecosystem, people can control access to a wider swath of their financial data, such as savings, mortgages, and investments, all powered by APIs. Plaid’s integrations with financial institutions are designed to ensure more consumers can share their financial information securely with the more than 5,000 apps powered by Plaid — including Venmo, Acorns, Betterment, and Robinhood.
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Total Funding (as of June 2021) – US$734.3M
Last funding round (April 2021) – US$425M (Series D)
Enterprise Value US$25.3B