US-based financial software development platform Plaid has received an undisclosed amount of funding from payment services firms Mastercard and Visa.
Plaid’s software enables financial services organisations to create their own data-powered digital tools covering areas such as identity verification, account authentication and analysis of a customer’s investments or assets.
The company had raised at least $297m as of a $250m series C round in September 2018 featuring investment bank Goldman Sachs, Kleiner Perkins, Andreessen Horowitz, New Enterprise Associates (NEA), Spark Capital and Index Ventures that valued it at $2.65bn.
GV, a subsidiary of internet technology group Alphabet, is also an investor, having chipped into a $2.8m seed round in 2013 that was also backed by Spark Capital, Felicis Ventures, NEA and Homebrew.
Zach Perret, co-founder and CEO of Plaid, said in a statement announcing the investments: “We have long been inspired by the work these networks did to digitise commerce, and hold this as an example for what we hope to accomplish in financial services. We look forward to collaborating on products that lie at the intersection of commerce and financial services.”
