Open banking platform Plaid has raised $425 million in Series D financing at an estimated valuation of $13.5 billion.
New investors Altimeter Capital, Silver Lake, and Ribbit Capital joined existing investors, including Andreessen Horowitz, Index Ventures, Kleiner Perkins, New Enterprise Associates, Spark Capital, and Thrive Capital in the investment round.
The valuation is a big step up from a recently aborted $5.3 billion Visa deal, blocked by the US Justice Department over competition concerns.
In a blog post announcing the financing, CEO and co-founder Zach Perret, says: “Looking ahead, Plaid is focused on creating a single, integrated platform focused on helping innovators build digital financial products. 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, personalisation, decisionning, and automation.”.