US fintech firm Plaid has reached an $8bn valuation following its latest investment round, reported Bloomberg.  

The round was intended to provide liquidity for employees holding shares in the privately held San Francisco-based company, the news agency said citing unnamed sources.  

The exact sum raised has not been disclosed. 

Established in 2013, Plaid has attracted attention as a potential IPO candidate and is known for providing infrastructure that helps users link their data between financial institutions.  

Earlier this year, a funding round valued the company at $6.1bn after it raised $575m. 

This remains below its 2021 valuation of $13.4bn, during a period when fintech companies saw heightened investment activity. 

A spokesperson for Plaid did not comment on the latest funding round. 

Recently, Plaid moved into credit scoring, working with data analytics firm Fair Isaac on a new metric using real-time cash-flow data.  

The company has also launched its own credit score and has seen use by AI firms relying on its services. 

The firm’s expansion has brought scrutiny from traditional financial institutions over issues such as security and liability when customers permit fintech services to access banking data, the news publication added.  

Investors in Plaid include JPMorgan Chase, Citigroup, and American Express. 

Last year, Plaid renewed its data sharing agreement with JPMorgan Chase. 

The companies have agreed to invest in technology for improved access to financial data.