Fintech Plaid has announced new funding from J.P. Morgan Private Capital Growth Equity and Amex Ventures.
As mentioned in a note shared with CI, Plaid acquired additional capital from J.P. Morgan Private Capital Growth Equity Partners and existing investor Amex Ventures. The investments are part of their Series D round, which was officially announced in April 2021.
The investment should help Plaid with further accelerating its efforts to address growing consumer demand for digital finance, the company told CI while adding that digital-first financing represents “a shift powering the rapid growth of Plaid’s diverse customer ecosystem.”
Plaid confirmed that it has not disclosed the terms and “valuation remains the same.”
Lindsay Fitzgerald, MD at Amex Ventures, stated:
“When we first invested in Plaid’s Series B, it was clear they were the financial data partner of choice for developers. 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 firm’s management further noted that they 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.”
The announcement also mentioned that their previously announced Series D had been led by Altimeter Capital and Silver Lake Partners.
According to Plaid, these are storied companies “intrinsic to the fabric of financial services, and are important partners.” J.P. Morgan’s Growth Equity Partners and American Express will be “critical in our effort to deliver great financial outcomes for consumers and drive innovation in the industry,” the company noted.
Plaid’s management added:
“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. While we’re still in the early innings of the digital transformation in financial services, we’re excited to work with the thousands of banks, fintechs and non-financial institutions in our network to create what’s next.”