FinTech infrastructure firm Plaid raised new funding in an additional Series D round led by new investor J.P. Morgan Private Capital Growth Equity Partners and existing investor Amex Ventures, Plaid Co-Founder and CEO Zach Perret said in a Tuesday (Aug. 17) blog post.
The fresh capital builds on Plaid’s $425 million Series D in April that upped the company’s valuation to $13.4 billion. That funding was led by Altimeter Capital, Silver Lake and Ribbit Capital, PYMNTS reported at the time.
“We built Plaid with a simple vision: if we could create a more open and connected financial system, consumers would benefit from more choice, control and oversight over their financial lives,” Perret said in the post.
The new funds will be used to help the Silicon Valley startup advance its efforts to meet the escalating market appetite for digital banking by investing in technology and products that facilitate a seamless, secure consumer finance ecosystem.
“When we first invested in Plaid’s Series B, it was clear they were the financial data partner of choice for developers,” Amex Ventures Managing Director Lindsay Fitzgerald said in a statement emailed to PYMNTS.
“Since then, Plaid has become essential fintech infrastructure, propelling a new generation of applications to market faster,” Fitzgerald added.
Perret said that both “storied companies” — J .P. Morgan’s Growth Equity Partners and American Express — are “intrinsic to the fabric of financial services” and teaming with them is “critical” to Plaid’s mission of driving user outcomes and market innovation, according to the blog post.
The CEO added that the FinTech revolution and related digital transformation are “still in the early innings” but Plaid’s collaborations with numerous companies are working “to create what’s next.”