Plaid scoops new undisclosed funding amount from JP Morgan and AmEx
The funding extends the fintech’s Series D, which it announced back in April 2021.
Plaid is continuing to cement itself as one of the most attractive fintechs in the biz, this time attracting investment from J.P. Morgan Private Capital Growth Equity Partners and AmEx Ventures.
The fresh funding, which is an extension of the fintech’s Series D, marks JP Morgan’s first investment in the firm and Amex’s continued commitment to Plaid.
“When we first invested in Plaid’s Series B, it was clear they were the financial data partner of choice for developers,” Lindsay Fitzgerald, managing director of Amex Ventures, said.
“Since then, Plaid has become essential fintech infrastructure, propelling a new generation of applications to market faster. We are thrilled to once again support Plaid’s growth, as they continue to innovate and power a better consumer experience in financial services.”
The funding boost will help Plaid to accelerate its efforts to meet rising consumer demand for digital finance and continue to expand its ever-growing customer base.
“We built Plaid with a simple vision: if we could create a more open and connected financial system, consumers would benefit from more choice, control and oversight over their financial lives,” co-founder and CEO of Plaid,Zach Perret wrote in a blog post about the additional funding.
“As we look to support the massive growth in fintech, we’ll be accelerating our investments in building products that enable an open, easy to use, and secure financial services ecosystem,” he continued.
JP Morgan has been on a fintech spree as of late, fiirst gearing up to launch its own digital bank (although its plans seem slightly delayed given the bank was tipped to launch in the first quarter of this year) and it also recently acquired wealth management platform Nutmeg for an undisclosed sum.
In April 2021, just a few months after the plug was pulled on the Visa takeover, the fintech raised the first part of its Series D, with a price tag nearly three times higher than what Visa was dishing out to buy it, up from $5.3bn to $13.4bn.
The financial API provider counts some of the world’s most well-known fintechs as customers, including the likes of Wise,Monzo and Curve, and nearly every large financial institution in the world too.