Plaid has secured $575 million in a new funding round, according to CNBC. This brings its valuation down to $6 billion from more than $13 billion in 2021. CEO Zach Perret highlighted significant growth, with record revenue and improved profitability, despite a reduced valuation. Plaid provides APIs for connecting consumer bank accounts to popular apps like Venmo and Robinhood and will use the funding to allow employees to cash out and prepare for an eventual IPO.
