Founded in 2013, San-Francisco–based Plaid began as a consumer budgeting app before pivoting to build the underlying connectivity layer that now powers much of fintech. Its core product is a developer-friendly API that lets more than 8,000 applications link to over 12,000 financial institutions worldwide, forming the “plumbing” behind digital banking, budgeting, investing, and payments tools. In recent years Plaid has layered on payment initiation, fraud detection, risk management, personal finance insights, and credit underwriting capabilities. These newer businesses are scaling quickly: anti-fraud tools are growing about 400% annually and payments facilitation around 250%, with new product lines now accounting for over 20% of the company’s annual recurring revenue and expanding nearly 93% year over year. Plaid also champions open finance through products like Core Exchange and Permissions Manager, which help consumers and institutions share data securely. The company’s accelerating growth across diversified revenue streams underpins its long-term ambition to go public, and the latest share sale provides additional flexibility as it advances toward that goal.

Total raised

$1.3B

Funding rounds

5

Latest round

Equity

Latest activity

Apr 2025