Plaid: The $2.65bn ‘plumbing for fintechs’ lands in the UK

You’ve probably heard of US fintechs like Venmo, Acorns or Coinbase but, despite it being worth $2.65bn, having raised over $300m in funding and powering these businesses, Plaid has likely slipped under your radar.

That could be about to change as Plaid this morning announced it has quietly launched in the UK, offering its plumbing for fintechs to founders this side of the pond.

Essentially Plaid offers infrastructure (and APIs) that connect with the banking system, so that entrepreneurs can focus on the customer-facing portion of their business.

“We’ve long admired the innovation coming out of the UK fintech sector. The commitment to enabling consumers to live fully digital financial lives is palpable and the progress impressive,” said Zach Perret, co-founder and CEO of Plaid.

“We're excited to launch in the UK to both deliver on the promise of Open Banking and help drive velocity for the applications that are making money easier for everyone.”

In the US Plaid’s infrastructure connects with 15,000 banks, and is relied upon by 80% of the largest fintechs.

The company launched in Canada last year, with the UK as its third market.

Another of the benefit for fintechs using Plaid, over building their own infrastructure, is for international expansion given the company’s vast US connections.