Plaid takes $250m strategic investment from Visa and Mastercard

By Oliver Smith on 17th September 2019

Fintech

An update to the investor list from its Series C in December.

Plaid takes $250m strategic investment from Visa and Mastercard
Image source: Zach Perret/Plaid.

Fintech infrastructure provider Plaid has added two names to its already impressive $250m Series C venture capital haul from December.

Plaid revealed that Visa and Mastercard were strategic investors for the round, joining the likes of Goldman Sachs, Citigroup and American Express, who have now collectively invested $310m in the startup.

CEO Zach Perret said in a statement that the company’s new investors: “We have long been inspired by the work these networks did to digitize commerce, and hold this as an example for what we hope to accomplish in financial services.”

Plaid did not disclose how much of the $250m came from Visa and Mastercard, whether there were additional other investors involved yet to be disclosed, and whether the valuation had changed for this funding round.

The company first announced its Series C round in December at a $2.65bn valuation.

Neither did Plaid outline how the involvement of Visa and Mastercard might affect its business, in his statement Perret wrote:

“We look forward to collaborating on products that lie at the intersection of commerce and financial services.”

Plaid now has 400 employees across four cities, including London.

In May Plaid announced its arrival in the UK, having already worked with and helped launch budgeting app Emma.