Plaid, the US financial data network, said on 3 April 2025 that it had raised USD 575 million through a sale of common stock at a post-money valuation of USD 6.1 billion. The deal was led by Franklin Templeton, with new investors Fidelity Management and Research and BlackRock, and existing backers NEA and Ribbit Capital.
The transaction was structured as a common stock issuance rather than a new preferred round such as a Series E. Most of the proceeds will cover tax-withholding obligations arising from the conversion of expiring employee restricted stock units into shares, with a smaller portion funding a tender offer that gives employees liquidity. A Plaid spokesperson said the employee tender was only a small part of the round.
NO IPO IN 2025
Plaid said it would not go public in 2025, although it continued to track towards a listing. The company said its revenue grew by more than 25% in 2024 and that it was approaching sustained profitability.
New products, beyond its core service connecting bank accounts to financial apps, accounted for more than 20% of annual recurring revenue in 2024. Plaid has expanded into areas including lending, identity verification, credit reporting, anti-fraud tools and payments.
VALUATION HISTORY
The USD 6.1 billion valuation is less than half the USD 13.4 billion Plaid was valued at in its Series D round in April 2021. It is above the USD 5.3 billion that Visa agreed to pay for the company in a 2020 acquisition, which was abandoned in January 2021.
Founded in 2012, Plaid has about 1,200 employees across the United States, Canada, the United Kingdom and the European Union, and has raised about USD 1.3 billion over its lifetime.
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