US-based fintech firm Plaid has raised $250m in the latest funding round led by venture capitalist Mary Meeker.
The latest funding round values the company more than $2.65bn, a source familiar with the development told Reuters.
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Besides Mary Meeker on behalf of Kleiner Perkins Caufield & Byers, the round saw the participation of Index Ventures and Andreessen Horowitz. Its existing investors Goldman Sachs, NEA and Spark Capital also joined the round.
Plaid, which focuses on developing software to support financial applications, intends to use the fresh funding to expand its operations and increase workforce.
Plaid: Company background
Established in 2013 and headquartered in San Francisco, California, Plaid’s interface supports various platforms including Venmo, Citigroup, Coinbase, American Express and Fannie Mae.
Plaid’s API serves as the connecter between banks and fintechs enabling client’s applications to sync with users’ bank accounts.
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By GlobalDataAccordingly, it enables those clients to track and authenticate customer accounts. On the other hand, the customers can access their bank through a number of third-party applications.
Quoting company data, Bloomberg reported that nearly 25% of people in the US with bank accounts have used Plaid this year.
According to data provider Crunchbase, Plaid has raised a total of $309.3m through four funding rounds.
In October, JPMorgan signed an agreement with Plaid to enable its customers to have better visibility over how their personal data is used.
