Companies
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Plaid
Fintech
Plaid is a San Francisco-based financial data infrastructure company that lets fintech apps and banks securely connect to and access customer financial account data.
$6.23B
+$121.21
97.67%
30 days ago
$124.11
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Plaid was founded in 2013 by Zach Perret and William Hockey, building infrastructure that lets fintech applications securely connect to users' bank accounts to verify account details, retrieve transaction history, and access other financial data, addressing a foundational technical challenge that virtually every fintech company building products like budgeting apps, lending platforms, or investment tools needs to solve: reliably and securely connecting to the thousands of different banks and financial institutions that hold consumer financial data, each with their own different, often outdated technical systems. Plaid's infrastructure became foundational, widely adopted plumbing underlying a very large share of the broader fintech industry, with popular consumer apps including Venmo, Robinhood, and many others relying on Plaid to connect to users' bank accounts rather than each individually building and maintaining their own direct connections to thousands of different banks. The company faced a significant setback in 2021 when its planned $5.3 billion acquisition by Visa was abandoned after the U.S. Department of Justice filed an antitrust lawsuit to block the deal, arguing Visa was attempting to eliminate a potential future competitive threat to its core payments business, leading Plaid to instead raise a large funding round as an independent company at a valuation below its proposed Visa acquisition price. Plaid has since expanded into additional financial infrastructure services beyond its original account connectivity product, including identity verification and payment initiation capabilities, and has raised substantial venture funding from investors including Altimeter Capital and Silver Lake, competing with other financial data aggregation providers including MX.
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