The funding round values Plaid at $6.1 billion, with plans to use the proceeds for employee tax obligations and liquidity for the team. Although an IPO is on the horizon, Perrett stated that the company is not yet ready to go public, marking this round as its last private fundraising before an IPO. Plaid is also tracking long-term trends such as the digitization of financial services and the rise of AI, which Perrett believes will transform banking operations and consumer interactions with financial solutions.
Key takeaways:
- Plaid has raised $575 million in new funding, valuing the company at $6.1 billion.
- The company has expanded its product suite beyond bank linking to include data analytics products essential to financial services.
- New products accounted for more than 20% of Plaid's annual recurring revenue last year, and the company has expanded its client base to include major enterprises.
- Plaid plans to use the funding to address employee tax obligations and provide liquidity to its team, with an IPO planned for the future.