Plaid Earns Investments from Citi, American Express

 

SAN FRANCISCO — Plaid Technologies, Inc., which builds the core infrastructure that drives many of the largest and fastest growing companies in financial technology, announced investments made by Citi Ventures and American Express Ventures as part of a $44 million Series B round first announced last June led by Goldman Sachs Investment Partners.

“We’re excited to have both Citi Ventures and American Express Ventures as part of Plaid’s journey to help build a more inclusive financial ecosystem,” said Zach Perret, CEO and co-founder of Plaid. “We built Plaid to help developers, consumers, and leading institutions create and embrace financial innovation. These new investments will enable Plaid to continue delivering on its mission to advance innovation and create seamless and secure user experiences for customers.”

Since launching in 2012, Plaid has served as the foundation upon which thousands of financial technology (“fintech”) applications have been built. Plaid’s infrastructure allows consumers to connect their bank accounts into the financial applications they use to manage their day-to-day lives. From small startups to public companies like PayPal/Venmo, Capital One, Lending Club, and more, Plaid’s infrastructure powers applications that ultimately benefit tens of millions of consumers. Plaid’s suite of APIs was created to enable innovation in financial services. With this round of funding, Plaid plans to continue to scale operations, enhance product offerings and grow the team.

“Plaid has emerged as the preferred choice for developers when it comes to financial services APIs, creating opportunities to build new and more innovative interfaces for bank customers to transact,” said Arvind Purushotham, Managing Director and co-Head of Venture Investing at Citi Ventures. “We’re excited to support Plaid as they continue to deliver better access to clean, high-quality financial data, enabling innovation and a secure infrastructure for the financial services ecosystem.”

“Plaid’s technology is helping financial institutions verify account information in a more secure and efficient manner, enabling them to deliver their customers innovative products and services in a seamless experience,” said Rohit Bodas, Partner at American Express Ventures. “We are pleased to support Plaid’s continued growth by participating in its latest funding round.”