Fintech Startup Plaid Is Now Valued At $2.65 Billion After $250 Million Raise
Summary
The large-sized investment in Plaid is the first notable check by investor Mary Meeker since she announced she would leave Kleiner Perkins Caufield & Byers to start an as-yet unnamed new growth fund. But the deal in Plaid comes from the lame-duck Kleiner growth fund, which led the $250 million Series C alongside new investors Andreessen Horowitz and Index Ventures. The new round also gives Plaid a buffer if markets become more difficult for fintech apps or startups looking to raise money in upcoming months, cofounder and CEO Zach Perret tells Forbes. Perret says Plaid believes use and velocity of simple fintech apps will increase in a down cycle; the company also says a “meaningful proportion” of its business now comes from large-sized incumbents and banks. Perret says that a unicorn valuation – though the company won’t confirm its price tag, it doesn’t deny it – won’t make a big difference to employees or Plaid’s founders, who blogged about the funding here.
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