SAN FRANCISCO — Plaid, a data network that connects banks and apps, has raised $575 million led by mutual fund managers Franklin Templeton and Fidelity Management and Research.
Other participants in the round include existing Plaid investors NEA and Ribbit Capital. The company says proceeds of this round will be used to address employee tax withholding obligations related to the conversion of expiring RSUs to shares, and to offer some liquidity to current employees that want to sell their shares.
CEO Zach Perret said on the company blog that the new fundraise comes on the heels of a substantial growth year for Plaid, with record revenues, a return to positive operating margins, and an increase in the companies and markets it serves. Perret revealed that more than 1 in 2 Americans have used Plaid.
