Plaid Company

Plaid Inc.

Website www.plaid.com

Headquarter San Francisco, CA

Year Founded 2012

Employees ~1,200 in 2022

Business Status: Generating Revenue

Industry Sectors: Financial Software, CloudTech & DevOps FinTech, SaaS, TMT

What is Plaid?

Developer of a data network programming platform designed to assist in connecting popular fintech applications with traditional bank accounts. The company's platform accesses transactions and personal data like names, phone numbers, addresses, and emails for each account from thousands of financial institutions, authenticating them and verifying information in real-time, enabling consumers and businesses to interact with their bank accounts, check balances, and make payments through financial technology.

How does Plaid work?

Plaid integrates with eligible apps, eliminating the need for a separate app or account. When using an eligible app, you can add or connect a bank account through Plaid. This involves selecting your financial institution, providing authentication details, verifying information for security, selecting the desired accounts to connect, and completing the connection process. Plaid verifies ownership of the accounts and shares the relevant data with the app or service you're using. Plaid supported banks list

Is Plaid safe?

Is Plaid secure? Yes. You’ll probably run into Plaid when you connect your bank account to apps run by financial services like American Express, Venmo, or Upstart. Plaid authenticates your financial information, permitting companies to transfer sensitive information securely. But is Plaid safe? Yes, it's considered safe to use. That's because it employs advanced security and encryption protocols to protect your data during transmission. Plus, it never shares personal information unless it has permission to do so. Stop asking “is Plaid legit”.

Plaid settlement

Plaid Inc. has agreed to pay $58 million in a settlement to resolve a data privacy class action lawsuit. Following final approval from a federal judge in California, the settlement aims to address allegations that Plaid violated users' privacy rights by scraping their data from third parties without proper consent. As part of the settlement, 11 named plaintiffs will receive $5,000 each, while the approximately 98 million class members will receive $31.50 each. The settlement serves as a significant step in holding Plaid accountable and ensuring users' data privacy is protected.

Plaid banking

Thousands of innovators are already building with Plaid, including IPO CLUB portfolio company Kraken

Major Investors

Altimeter Capital Management, Andreessen Horowitz, Index Ventures, Kleiner Perkins, New Enterprise Associates, Ribbit Capital, Silver Lake, Spark Capital, Thrive Capital.

Plaid stock

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Plaid IPO update

The company raised $425 million of Series D venture funding in a deal led by Altimeter Capital Management on April 7, 2021, putting its pre-money valuation at an estimated $12.98 billion. Silver Lake Management, Ribbit Capital, and 6 other investors also participated in the round. The funds will be used to grow the company's platform, investing in infrastructure, payments capabilities, and global expansion. Previously, the company was in talks to be acquired by Visa (NYS: V) for $5.3 billion on January 12, 2020. Subsequently, the deal was cancelled.

Latest news

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