Earlier this year, Plaid and Visa called off their merger agreement. Credit: Steve Buissinne from Pixabay.

US-based open banking platform Plaid has secured additional Series D funding from JP Morgan Private Capital Growth Equity Partners and American Express Ventures.

The size of the fresh investment has not been disclosed.

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The latest deal follows the initial $425m series D funding round, which was announced in April this year. The round, which valued Plaid at $13.5bn, was led by Altimeter Capital and Silver Lake Partners.

American Express is an existing investor of Plaid but it is JP Morgan’s first investment in the fintech venture.

The proceeds from the Series D round will be used by the company for global expansion and infrastructure development.

Plaid CEO Zach Perret said: “These are storied companies intrinsic to the fabric of financial services, and are important partners. Both JP Morgan’s Growth Equity Partners and American Express will be critical in our effort to enable great financial outcomes for consumers and drive innovation in the industry.”

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Earlier this month, Plaid reached a $58m settlement to resolve allegations that it used consumers’ financial data without permission.

As per allegations, the firm used consumers’ banking login credentials to access and distribute their financial information without their consent.

Notably, in January this year,  Plaid and Visa called off their $5.3bn merger agreement following a lawsuit filed by the US Department of Justice (DOJ) to scrap the deal.

The DOJ believed that the deal would eliminate the significant competition from Plaid.

The firm, set up in 2013, connects customers’ bank accounts to fintech apps. It has Transferwise, Monzo, Coinbase and Sage, among others, as clients.